A few weeks ago, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced nearly 10% devaluation of the naira, resulting from a plunge in world oil prices and dwindling dollar. The naira is now trading at N187 to $1 officially, compared to N165 in November.
In the parallel market, the naira traded at N218 for a dollar Monday. In dollar terms, the devaluation has knocked more than $40 billion off the value of Nigeria’s economy.
Aliko Dangote, Africa’s richest man, is the biggest loser among Nigeria’s richest people as the Naira’s slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when FORBES locked in the values for its annual ranking of the world’s billionaires.
Dangote was worth $25 billion at the time; but at the close of market last Tuesday, his net worth had dropped to $17.2 billion.
Dangote Cement, Africa’s largest manufacturer of cement, has shed close to 40% of its market value between the beginning of November and now. At the beginning of November, Dangote’s stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.
