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Just three years ago, the exchange rate of the local currency was 500 naira to £1; now it stands at 2,200 naira.

As the naira plunged and pump prices increased several times, the government, aware of the potential danger of protests, continued to pipette some medicine to the masses.

Meanwhile the naira, Nigeria’s currency, has depreciated by more than 400% against the US dollar, further worsening the economic hardships.

The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency.

The move was designed to encourage foreign investment, but it caused the naira to plunge in value by around 70%, contributing to inflation.