Africa’s richest man Aliko Dangote has witnessed a remarkable resurgence in his fortune, with his net worth surpassing $15 billion following a recent surge in the value of the Nigerian naira against the U.S. dollar.
According to the Bloomberg Billionaires Index, which tracks the assets of the world’s 500 wealthiest individuals, Dangote’s net worth has surged by $500 million this week alone. This rebound comes as a significant relief after his net worth plummeted below $14.5 billion earlier in the month.
Dangote, who not only holds the title of Africa’s wealthiest individual but also ranks as the world’s richest Black person, had experienced a considerable decline in his fortune between Jan. 30 and March 18, witnessing a staggering drop of more than $8.7 billion. However, the recent surge has seen his net worth climb back to $15 billion.
Currency confidence: Naira’s rally fueled by settlements of all foreign exchange backlogs
This resurgence is linked to the recent strengthening of the Nigerian naira against the U.S. dollar, with the local currency experiencing notable gains in both the official and parallel markets. The renewed confidence in the naira has led to a wave of speculators offloading their dollar stocks, further bolstering the local currency’s position.
The Central Bank of Nigeria’s announcement regarding the final settlements of all valid foreign exchange backlogs has also played a pivotal role in the currency’s revival. The fulfillment of this pledge, initiated by the apex bank governor, Olayemi Cardoso, aimed to address a substantial backlog of $7 billion in claims. Recent efforts have seen $1.5 billion cleared from these backlogs.
Naira Strengthens: Parallel market hits 1,410/$ as official exchange stands at N1,492/$
As of Thurs., March 21, 2024, market data compiled from the FMDQ Securities Exchange indicates that the naira was trading at 1,410/dollar at the parallel market and N1,492 at the official Nigerian Autonomous Foreign Exchange Market, further affirming the currency’s resurgence.
With Dangote’s fortune now estimated at over $15 billion, as per the latest figures from the Bloomberg Billionaires Index, he solidifies his position as Africa’s wealthiest person and retains his status as the wealthiest Black individual globally.
Currently ranking as the 133rd richest individual in the world, Dangote’s financial resurgence reflects not only his vast fortune and investment portfolio but also the broader economic dynamics at play within Africa’s biggest economy.
