CBN's Naira Devaluation Slashes Aliko Dangote's Wealth by Over $3.12B in Hours, as 16 Billionaires Overtake
- Nigerian billionaire, Aliko Dangote's wealth, has experienced a significant decline of $3.12 billion following the devaluation of the naira
- The devaluation was triggered by CBN's move to unify the country's multiple exchange rate system
- Most of Dangote's investments, which are linked to his wealth, are based in Nigeria, and the performance of the naira directly affects his wealth
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Nigerian business magnate and Africa's richest person, Aliko Dangote, has suffered a substantial depletion in wealth amounting to $3.12 billion following the recent change in the naira's exchange rate system.
Checks on the Bloomberg Billionaire Index revealed that Dangote's net worth significantly dropped to $17.8 billion on Wednesday, June 13, 2023, compared to the $20.9 billion he held on Monday, June 11.
Source: Getty Images
The changes pushed him down 16 places from his ranking among the world's wealthiest men to 94th, compared to the 74th position he held a few hours before the CBN announced the naira devaluation.
Why did Aliko Dangote lose so much in one day?
As reported by Legit.ng, on Wednesday, June 14, the naira experienced a substantial devaluation following the decision by the Central Bank of Nigeria (CBN) to unify multiple exchange rates.
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At the close of trading on Wednesday, FMDQ reports that the local currency at the official market experienced a significant decline to N664 [GH¢16.20] against the dollar compared to N461 [GH¢11.25] it started the day.
Aliko Dangote's investments are naira-denominated assets, like Dangote Cement, Dangote Sugar, and Nascon Allied Industries.
Additionally, he holds shares in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa.
These investments are connected to his wealth. Consequently, the depreciation of the Nigerian naira directly impacts the calculation of Dangote's fortune in US dollars. Hence, a weaker naira leads to a lower valuation of his wealth.
Majid Michel spotted with Aliko Dangote in video
In a previous story, YEN.com.gh reported that Ghanaian actor Majid Michel hung out with Africa's wealthy man, Aliko Dangote, in a video.
The two men were seen having a deep discussion but that cannot be heard in the video.
Many are stunned by Dangote's humility in the video and have praised him.
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Source: Legit.ng
George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.
Audrey Gyamfi (Copy Editor) Audrey Gyamfi is a copy editor at YEN. She graduated from the University of Ghana in 2014 with a degree in Psychology and English. Audrey previously worked for 7 years as a copy editor for Kwadwoan publishing. She can be reached at audrey.gyamfi@yen.com.gh.
