Aliko Dangote, Africa’s richest man, has seen his fortune rise dramatically, with his net worth topping $15 billion as the value of the Nigerian naira against the US dollar has recently increased....CONTINUE READING
Dangote’s net worth increased by $500 million this week, according to Bloomberg Billionaires Index, which counts the assets of the world’s 500 richest persons. This return comes as a huge relief after his net worth fell below $14.5 billion earlier this month.
Dangote, Africa’s wealthiest man and the world’s richest Black person, had his fortune shrink by over $8.7 billion between Jan. 30 and March 18. However, the current spike has boosted his net worth back to $15 billion.
This revival is tied to the recent strengthening of the Nigerian naira against the US dollar, with the local currency seeing significant gains in both official and parallel markets. The newfound trust in the naira has resulted in a surge of speculators selling their dollar stocks, strengthening the local currency’s position.
The Central Bank of Nigeria’s announcement to settle all valid foreign exchange backlogs has helped revive the currency. The execution of this plan, launched by the apex bank governor, Olayemi Cardoso, aimed to address a $7 billion backlog in claims. Recent efforts have cleared $1.5 billion from these backlogs.
On March 21, 2024, the naira was trading at 1,410/dollar on the illegal market and N1,492 on the official Nigerian Autonomous Foreign Exchange Market, indicating a recovery of the currency.
Dangote’s fortune is now believed to be worth more than $15 billion, according to the Bloomberg Billionaires Index, solidifying his position as Africa’s wealthiest person while also remaining the wealthiest Black individual in the world.
Dangote, who is currently the world’s 133rd richest person, has experienced a financial rebound that reflects not only his massive fortune and investment portfolio, but also the broader economic factors at work in Africa’s largest economy.
