Dangote losses $400million in just a few days, as the Naira continues to depreciate. This comes weeks after loosing his spot as the richest in Africa.
In a turbulent week for Nigerian billionaires, Aliko Dangote has suffered yet another setback as the naira’s depreciation eats into his fortune.
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Dangote’s net worth has dropped by $400 million in the last seven days, according to figures maintained by Billionaires.Africa, falling from $10.8 billion to $10.4 billion.
This follows a $3.4 billion drop in the aftermath of Nigeria’s naira dropping to a record low.
The decision by the Central Bank of Nigeria to allow market forces to determine the value of the naira has resulted in considerable losses for the country’s billionaires. The naira hit an all-time low last week.
As Dangote deals with the loss of his coveted title and a major decrease in his net worth, he joins a growing list of Nigerian billionaires suffering the financial consequences of the country’s currency depreciation.
Unfortunately, the naira’s value has dropped to a new low of 811 to the dollar, increasing Dangote’s net worth by $400 million and widening the gap between him and South African billionaire Johann Rupert, who is now firmly seated as Africa’s richest man according to Forbes.
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While both Dangote and Rupert confront hurdles in retaining their riches in the face of increased economic instability, it is unclear how they will manage these turbulent times.
The fortunes of these billionaires may shift more as the African business sector evolves, changing the rankings of Africa’s wealthiest individuals.
