Naira Devaluation Causes $3 Billion Drop in Dangote’s Wealth Within a Week

Naira Devaluation Wipes Off $3 Billion From Dangote’s Wealth in One Week, Drops in Ranking

– Aliko Dangote lost about $3 billion in February after the Nigerian government devalued the naira
– The Nigerian billionaire has had over $7 billion slashed off his net worth as the naira lost most of its value
– Dangote’s current net worth is about $14.8 billion, and he is ranked 132 wealthiest men in the world

Africa’s richest man, Aliko Dangote, has lost about $3 billion in the last week as Nigeria embarks on naira devaluation for the second time. The Nigerian billionaire is one of the most affected by the naira devaluation of the federal government, as he has lost about $7 billion since January.

Dangote’s net worth shrinks Data from the Bloomberg Billionaire Index shows that Dangote’s net worth is now estimated at $14.8 billion, $3 billion less than his net worth in the second week of February 2024.

Dangote began climbing in the billionaire ranking in January, gaining a whopping $7 billion in weeks, ranked 82nd in the world, and later plummeted to 132nd wealthiest men after Nigeria devalued its currency to par with the parallel market. Despite the excellent performance of Dangote Cement, his primary source of wealth, Nigeria’s richest man could not recoup the losses.

Dangote loses about $7 billion in one month

At the end of January 2024, Dangote’s wealth stood at a staggering $22 billion, his highest in 10 years.

Still, he lost almost a quarter of his wealth due to the policies of the Nigerian government, which eroded the gains made by the cement firm. Dangote Cement emerged as Nigeria’s most profitable company after gaining N13 trillion in market value in February 2024.