Trump
Nigeria’s financial markets began November 2025 on a sour note as the naira and equities weakened sharply following remarks by United States President Donald Trump, who threatened possible military action against Nigeria over alleged religious persecution.
Data from the Central Bank of Nigeria showed that the naira, which had traded at a 2025 peak of N1,421.73/$, depreciated to N1,436.34/$ on Monday, marking a 1.03 per cent decline or N14.61 loss in one day. The currency also weakened at the parallel market to N1,455/$, reflecting increased investor anxiety and foreign-exchange demand pressure.
The sudden depreciation followed a weekend of heightened geopolitical tension after Trump, via his Truth Social platform, labelled Nigeria a “country of particular concern” and directed the US Department of War to prepare for “possible action” should alleged killings of Christians persist.
According to Trump, the move was a response to what he described as a “Christian genocide” in Nigeria — a claim that sparked global debate and uncertainty about diplomatic and economic implications for Africa’s largest economy.
The development quickly rippled through financial markets. At the Nigerian Exchange Limited, bearish trading resumed on Monday as the All-Share Index dropped by 0.25 per cent to close at 153,739.11 points, trimming year-to-date gains to 49.37 per cent. Market capitalisation declined by N245.88 billion, settling at N97.58tn.
The downturn was largely driven by selloffs in Aradel Holdings (-9.21 per cent) and Access Corporation (-3.07 per cent). Investor sentiment remained weak, with 38 stocks declining against 19 gainers. Union Dicon emerged as the top gainer (+9.93 per cent), while Honeywell Flour Mills led the losers (-10.00 per cent).
Trading activity also slowed sharply, as total volume and value traded plunged 87.94 per cent and 44.64 per cent, respectively, to 627.5 million units worth N25bn. United Bank for Africa dominated the session, accounting for 136.8 million units (21.8 per cent of total volume) valued at N5.5bn (22.2 per cent of total value). Punch
