June 15, 2023

Naira float: Nigerian billionaires lose $5.85bn — Bloomberg

Exchange rate: NECA, experts disagree on FG’s target

Aliko Dangote and Abdulsamad Rabiu, Nigerian billionaires listed among the 500 richest men in the world, have lost a combined $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 of June 15, 2023, showed negative changes in the calculations of the wealth of Nigerian businessmen.

The index revealed that Dangote, President of Dangote Group, lost about $3.12 billion in the latest update, while 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.

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