In 2023, Abdul Samad Rabiu, the Nigerian billionaire business magnate and second-wealthiest individual, faced a substantial setback as his net worth plunged by US$1.8 billion, resulting in a year-end total of US$5.7 billion.

Forbes reports that Rabiu, who began 2023 with a net worth of US$7.5 billion, experienced this decline due to the impact of the Central Bank of Nigeria's (CBN) free float policy.

Despite maintaining his position as Nigeria's second-richest person, trailing only Aliko Dangote, Rabiu lost his standing on the Bloomberg Billionaires Index.

This downturn marked a challenging year for Rabiu, highlighting the complexities and uncertainties in the economic landscape.

In 2023, the Nigerian naira experienced a significant decline against the U.S. dollar, marking one of the most substantial depreciations since the country's return to democracy in 1999.

The Central Bank of Nigeria (CBN) consolidated all segments of the foreign exchange market into the Investors and Exporters window, adopting the willing buyer, willing seller model. Bloomberg forecasts a continued devaluation of the naira in 2024.

Bloomberg's data revealed a 55-percent depreciation of the naira in 2023, hitting its lowest point on the official NAFEM market at N1,099.05/$ on December 8, 2023.

The currency concluded the year at N907.11/$, earning the title of the worst-performing currency in Africa.

Amidst the naira devaluation policy initiated by the CBN in June 2023, Rabiu faced a loss amounting to one-third of his wealth within three months.

However, leveraging the surge in the share price of his integrated food business, BUA Foods, he managed to mitigate his wealth loss during the year to $1.8 billion.

This financial strategy showcased Rabiu's resilience in navigating the challenging economic landscape and adapting to the dynamic market conditions.