Naira devaluation snatches $400m from Dangote’s wealth in one day

Aliko Dangote has experienced yet another financial setback as a result of the naira's depreciation, which has reduced the value of his assets and his net worth below $11 billion.

The Nigerian billionaire's wealth dropped from $11.2 billion on August 4 to $10.8 billion, a $400 million fall in just one day, according to Forbes.

Meanwhile, in an updated list as of August 5, 2023, Dangote has taken back his position as number one, with his wealth climbing up $13.5 billion as of the time of this writing.

This is on the back of an earlier report by Legit.ng that the richest Nigerian man has been displaced as Africa's richest man, the position he held for over a decade.

Dangote's net worth had earlier increased to $11.2 billion, putting him in a position to recover the title of Africa's richest man.

However, the subsequent decline in his wealth has once more put him behind Johann Rupert, who currently holds the title with a net worth of $11.2 billion.

Because the majority of Dangote's assets are in naira, the reduction in his net worth can be linked to the naira's value falling against the dollar.

With a net worth of $10.8 billion, Forbes had listed Aliko Dangote as the second-richest person on the continent; Bloomberg provides a different estimate.