The resurgence of the Nigerian naira on both official and parallel exchange markets is accompanied by a remarkable resurgence in the fortune of Aliko Dangote, the most successful businessman on the African continent. According to the latest figures from the Bloomberg Billionaires Index, Dangote’s net worth has surpassed the $15 billion mark.
This recent surge marks a significant turnaround for Dangote, whose wealth had previously experienced a period of turbulence. Earlier in the month, his net worth had dropped below $14.5 billion, signaling a loss of several billion dollars in just a few weeks. This decline had raised concerns about the stability of his position as Africa’s richest man.
However, the recent appreciation of the naira has breathed new life into Dangote’s fortune. The strengthening of the Nigerian currency against the US dollar has been welcomed by investors and market observers, fueling renewed confidence in the local economy.
This increase in the naira has been facilitated by several factors, including the announcement by the Central Bank of Nigeria regarding the final settlement of outstanding foreign exchange arrears. This measure, initiated by the central bank governor, Olayemi Cardoso, aimed to address a significant backlog of foreign exchange claims. Progress in clearing these arrears has helped bolster the naira’s position in international markets.
Furthermore, the commitment of Nigerian authorities to maintain economic stability and promote growth has been well received by investors. This stated willingness to stabilize the national currency has prompted many speculators to move away from the US dollar, thereby strengthening the value of the naira.
As of March 21, 2024, market data indicates that the naira was trading at 1,410 naira to the dollar on the parallel market, while it reached 1,492 naira on the official Nigerian exchange market. These figures confirm the upward trend of the local currency and demonstrate its resilience in the face of fluctuations in the international currency market.
In this context of economic recovery and consolidation of the national currency, Aliko Dangote’s fortune now exceeds $15 billion. This new estimate confirms his status as Africa’s richest man and solidifies his reputation as the wealthiest African personality in the world.
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