Dangote’s Wealth Rises to $15.3 Billion due to Naira Gains Against the Dollar

Africa’s richest man, Aliko Dangote, has seen his wealth increase by approximately $800 million, as the Nigerian naira rallies on both official and unofficial markets.

According to the Bloomberg Billionaire Index, Dangote’s net worth has now reached a total of $15.3 billion. This comes at a time when the naira has appreciated against the dollar, making Dangote’s dollar-denominated investments more valuable.

Dangote’s net worth has seen a significant turnaround in recent months, following a period of turbulence and loss. His fortune fell below $13.5 billion earlier this year, but has since rebounded to reach $15.3 billion. This demonstrates the volatility of wealth and the importance of long-term planning.

But Dangote’s wealth has revived thanks to the naira’s recent gain. Investors and market watchers have applauded the rise of the Nigerian Naira versus the US dollar, which has fueled renewed confidence in the local economy.

Since the Central Bank of Nigeria (CBN) announced that it has cleared all foreign currency (FX) backlog, the naira has continued to appreciate steadily, gaining more than 4% of its value against the dollar due to increases in dollar availability, to trade below N1400/$.

In order to restore confidence in the Nigerian economy, the CBN Governor emphasized the importance of resolving the foreign exchange backlog. He believes that this will help to stabilize the naira and reduce inflation, which would be beneficial for both individuals and businesses.