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In a tumultuous week for Nigerian billionaires, Aliko Dangote has experienced yet another setback as the devaluation of the naira takes a toll on his fortune.
According to data tracked by Billionaires.Africa, Dangote’s net worth has declined by a staggering $400 million within the past seven days, dropping from $10.8 billion to $10.4 billion as of the time of this report.
This follows a previous decline of $3.4 billion in the wake of Nigeria’s currency plummeting to a record low.
The Central Bank of Nigeria’s decision to allow market forces to dictate the value of the naira has resulted in significant losses for the nation’s billionaires. Last week, the naira reached an all-time low of 750 to the dollar, plummeting from 477 naira to the dollar.
Unfortunately, the downward pressure on the naira has intensified, leading to another drop in its value to a new low of 811 to the dollar.
As a result, Dangote’s net worth has further declined by $400 million, widening the gap between him and South African billionaire Johann Rupert, who is now firmly seated as Africa’s richest man according to Forbes. However, it’s not all smooth sailing for Rupert either.
Since claiming the top spot as Africa’s richest man on June 16, Rupert’s net worth has also experienced a setback. In the past week alone, Rupert’s wealth has declined by $200 million, leaving him with a net worth of $11.8 billion.
The continuing currency crisis in Nigeria has sparked concerns among investors and business magnates alike.
As Dangote grapples with the loss of his coveted title and a significant reduction in his net worth, he joins a growing list of Nigerian billionaires experiencing the financial repercussions of the country’s currency devaluation.
While both Dangote and Rupert face challenges in preserving their wealth amidst growing economic uncertainty, it remains to be seen how they will navigate these turbulent times.
As the African business landscape continues to evolve, the fortunes of these billionaires may fluctuate further, reshaping the rankings of Africa’s wealthiest individuals.
