denominated

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.

Much of China's growing rescue lending is denominated in renminbi, the report found, with loans in the Chinese currency overtaking U.S. dollars in 2020.

Israel’s dollar and euro denominated bonds headed for their biggest daily fall in two years.

"Note Gabon production represents around 20% of group production. However, assets are based offshore and importantly oil revenue is dollar denominated," said Investec's Smith.

It also increases the cost of repaying loans denominated in dollars and buying imported products, which are often priced in dollars.