Nigerian business magnate and Africa’s richest man, Alhaji Aliko Dangote, has suffered a substantial depletion in wealth amounting to N1.45 trillion ($3.12 billion) following the recent change in the Naira’s exchange rate system.

Checks on the Bloomberg Billionaire Index revealed that Dangote’s net worth significantly dropped to $17.8 billion on Wednesday, June 13, compared to the $20.9 billion he held on Monday, June 11.

The changes pushed him down 16 places from his ranking among the world’s wealthiest men to 94th, compared to the 74th position he held a few hours before the CBN announced the naira devaluation.

Why did Aliko Dangote lose so much in one day?

On Wednesday, June 14, the naira experienced a substantial devaluation following the decision by the Central Bank of Nigeria (CBN) to unify multiple exchange rates.

At the close of trading on Wednesday, the local currency at the official market experienced a significant decline to N664 against the dollar compared to N461 it started the day.

Aliko Dangote’s investments are naira-denominated assets, like Dangote Cement, Dangote Sugar, and Nascon Allied Industries.

Additionally, he holds shares in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. These investments are connected to his wealth.

Consequently, the depreciation of the Nigerian naira directly impacts the calculation of Dangote’s fortune in U.S dollars. Hence, a weaker naira leads to a lower valuation of his wealth.

1-100 World's Richest Persons

LikeAking:
Tinubu one finish the country kpata kpata.

The truth is the Naira should have been floated at 450.

Pararel ex rates still exist till this day.

Nigeria may be heading to another round of suffering.

CodeTemplar:
Stop talkimg like you are Buhari on nairaland - an illiterate. You don't determine the price once it is floated, market forces of demand supply does.

LikeAking:
Tinubu one finish the country kpata kpata.

The truth is the Naira should have been floated at 450.

Pararel ex rates still exist till this day.

Nigeria may be heading to another round of suffering.

Godfullsam:



Stop wailing.

LikeAking:
Tinubu one finish the country kpata kpata.

The truth is the Naira should have been floated at 450.

Pararel ex rates still exist till this day.

Nigeria may be heading to another round of suffering.

adebayo987:
You're a joke! Why not just google what "currency float" means before commenting?

LikeAking:


Stop surporting bad govt polices...

Dangote don looose him own, now na ya turn to loose too..

Use ya brain.

LikeAking:
Tinubu one finish the country kpata kpata.

The truth is the Naira should have been floated at 450.

Pararel ex rates still exist till this day.

Nigeria may be heading to another round of suffering.

seunmsg:


N460 was a false and deluded rate. We will need to use all our forex reserve to defend the rate if we want to maintain it.

The parallel market rate is a more realistic rate. It is the rate decided by market forces. Something close to the realistic rate is the reasonable rate to float as it indicates the rate at which arm’s length transactions can be done.

LikeAking:


You are the joke here, surporting Tinubu blindly..

Na you go suffer not him..

Focus on the impact of the floating, not the theory..

You should think, think..


Forget tribalism..

Na ur kids go suffer the impact, not his.

Naira floating made the Naira loose almost 45% value in less than a week is that a good thing.

Who approved the policy, it's Tinubu.

Stop been silly..

When you can't feed your daughters, you know what's next na...

adebayo987:
You're showing the world your level of f00lishness. I pity whoever sits to listen to you.

LikeAking:

The world already know the foolish ones amongst us.

They always use curesef words like u are doing right now.

Continue...


How much you dey buy fuel now?

That's if you have a car, etc.

Continue supporting nonesense until you get sense..

adebayo987:
See moomoo o... Hahahaha! Hahahaha 😂 🤣 😂 🤣 😂 🤣 😂 🤣 😂 😆 😅 😆 😅 😅 😅 😅 😂 😆 😂 😆 😂 😂 😂 😂 😂 😂 😂 x33 thousand millions

LikeAking:


Will Dangote make a statement like this, after loosing his money?

Which market forces?

Full subsidy has ended, that like the major consumer of our forex... There shid be enuf forex in the country...

At least next month.

LikeAking:


E don do, in 6 months time we go know who be the proper mumu...

Naso one guy argue with me about Naira loosing value when Emefile introduced his Naira redesign... The next day Naira went to 950 to a dollar..

No all of us on this forum daft..

Wait for 6 months.

LikeAking:


I no one argue..

You know nothing on this topic.

So market forces push it up from 450 to 650 in a day?

If true, then be prepared for hard times.

kokorokoman:
chai.
a man that does not know and he knows that he does not know and he does not want to know will always remain a ............
just imangine your family member come see how you dey display ignorance here now.
only you just dey quote everybody untop matter you obviously have zero knowledge about.

LikeAking:


I no one argue..

You know nothing on this topic.

So market forces push it up from 450 to 650 in a day?

If true, then be prepared for hard times.

DEXTROVERT:
Even

Everyone wey get dollars
For
Dom account
Became
Lost
Some
Money