Financial markets in Africas most populous nation reeled Monday after U.S. President Donald Trump threatened military action against Nigeria over claims of Christian persecution, sending the countrys currency and dollar bonds tumbling in their worst performance across emerging markets.
The naira dropped 1.2 to NGN 1,442.80 per dollar, its largest intraday decline since June and the biggest fall among all emerging-market currencies on Monday, per Bloomberg . The selloff reflected immediate investor jitters over stability in the OPEC member country, which remains a major crude producer.
The financial turbulence followed Saturdays dramatic social media posts from Trump, who threatened to immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country, guns-a-blazing' over claims of Christian persecution.
