Aliko Dangote and Abdulsamad Rabiu, Nigerian billionaires listed among the 500 richest men in the world, have lost $5.85 billion, according to the Bloomberg Billionaire Index (BBI).

The BBI is a daily ranking of the world’s richest people. It provides details on the calculations of net worth analysis on each billionaire’s profile page.

Data on the portal as at June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

The index revealed that Dangote, chairman and chief executive officer (CEO) of Dangote Group, lost about $3.12 billion in the latest update.

Similarly, Rabiu, CEO of BUA Group, was said to have lost $2.73 billion from his wealth.

The losses occurred just 24 hours after the Central Bank of Nigeria (CBN) floated the country’s currency.

TheCable understands that changes in the foreign exchange markets occasioned by the recent floating of the naira may have contributed to the billionaires’ losses.

The currency float exchange rate system allows the local currency to be set by the forces of demand and supply within the foreign exchange market.

In Nigeria, this means the elimination of a fixed price for forex trading within the country. This removes the direct intervention of the CBN from the forex market.

Meanwhile, the unification of the Nigeria’s FX system had a quick effect on the market.

On Wednesday, after trading between N700 to N755 to the greenback, the naira closed at N664/dollar at the investors and exporters (I&E) window, according to data from FMDQ OTC Securities Exchange.

The I&E foreign exchange (FX) window is the country’s official exchange rate trading platform. It is a segment for investors, exporters, and end-users, which allows for FX trades to be made at exchange rates determined based on prevailing market realities.

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

Samunique:
I received this news with all pleasure, maybe and maybe this might be the end of these men, most especially Dangote who has the destinies of millions of Nigerians through monopoly.

The day Dangote is dismantled will be the beginning of the libration of this great country.

jmoore:
Some people don't get the picture. It means naira is losing value.

That 500,000 naira in your account on May 29th this year is now worth around 300,000 naira and would reduce further.

If you think your own value has not reduced too, then you have been deceived.

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

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MXrep:

Yorubas are the ones celebrating Dangote and claiming that Igbos hate the North. Shallow minded people

[quote author=Ihateheadslamer post=123823797]You ever wondered why Dangote is richer than Buhari and all of the past and present Nigeria leaders

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

Balogunodua:




The bold shows you are a school dropout

jmoore:


Micheal Dell, Mark Zuckerberg, Bill Gates, Richard Branson were dropouts.

jmoore:


Upload your certificate, so we can know the university you cheated to pass.

jmoore:


Dropout is not synonymous with lack of intelligence. You need to start all over from primary school.