Nigerian billionaire, Abdulsamad Rabiu, has lost his position on Africa’s richest list to Egyptian billionaires, Nassef Sawiris and Naguib Sawiris, following the naira devaluation by the Central Bank of Nigeria.

Prior to the devaluation of the naira on Wednesday, Rabiu was ahead of the Sawiris brothers, occupying the fourth spot with $8.27 billion, according to the African Billionaire Index data obtained from Bloomberg and analysed by Ripples Nigeria.

Dangote’s estimated wealth fell from $20.92 billion to $17.8 billion, as the value of his cement and food businesses was affected by the unification of the multiple exchange rates.

Similarly, Rabiu, the founder of BUA Group, majority shareholder of BUA Cement and BUA Foods also saw his net worth fall to $5.54 billion from $8.27 billion, after losing $2.73 billion to the naira devaluation.

Both Dangote Group and BUA Group are significantly exposed to the Nigerian market, where their companies predominantly operate, as their revenue is majorly in naira denominations.

Recall that Ripples Nigeria previously reported that the CBN has adopted the ‘willing seller, willing buyer’ model, which led to the devaluation of the naira by 40.7 percent or N192.37 kobo on Wednesday.

This increased the dollar exchange rate to N664.04/$1 at the end of trading in the official market on Wednesday, from N471.67/$1 reported on Tuesday.

Ripples Nigeria said, the value of the naira further declined by N38.15 kobo or 5.74% to N702.19/$1, up from the N664.04/$1 the dollar closed the previous day on Thursday.

Report from Ripples Nigeria.

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Constance Johnson E

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