Nigeria’s forex crisis shakes Aliko Dangote's empire, see how much he's lost!

<span>Alhaji Aliko Dangote</span>, <p>Aliko Dangote, the revered CEO of Dangote Group and Africa's wealthiest business magnate, finds himself at the epicentre of a financial storm as Nigeria grapples with an unprecedented naira crisis.</p>, <p>As of July 31, 2023, Dangote's net worth stands at $10.2 billion according to Forbes, but this figure comes with a heavy price tag. The ongoing naira crisis has caused him to lose a staggering $706 million, equivalent to 6.50% of his fortune.</p>, <p>The currency crisis began with the Central Bank of Nigeria's decision to float the naira, abandoning its fixed exchange rate with the U.S. dollar. This move led to a sharp depreciation of the naira, plummeting against the U.S. dollar and reaching an intra-day high of N869/$1 at the Investor & Exporter Window - the weakest rate the naira has ever sold for on this market, Nairametrics reported.</p>, <p>READ: Aliko Dangote retains title of Africa's richest man with $15.6 billion net worth, Bloomberg reports</p>, <p>At the heart of the financial turbulence is Dangote's 85% ownership of Dangote Cement, the continent's largest cement producer.</p>, <p>While the shares of Dangote Cement saw a minor uptick of about 1% since the central bank's decision to float the currency, the devaluation of the naira has far outweighed this slight gain, significantly impacting Dangote's overall fortune.</p>, <p>Additionally, Dangote Cement Plc's second-quarter results revealed a 14% decline in pre-tax profits to N93 billion, with half-year pre-tax profits totalling N239.9 billion versus N264.8 billion in the same period last year.</p>, <p>The company reported an exchange rate loss of N103.8 billion in the second quarter, further exacerbating the impact of the currency crisis on Dangote's fortune.</p>, <p>As the currency turmoil continues to dominate headlines, Aliko Dangote's financial journey remains under scrutiny, reflecting the broader economic challenges Nigerian businesses face.</p>, <p>The billionaire tycoon's ability to weather these stormy w