Nigerian stocks closed lower on Monday as investors reacted nervously to comments by U.S. President Donald Trump threatening possible military action against Nigeria over alleged religious persecution.
The Nigerian Exchange All-Share Index (NGX ASI) fell 0.25% to 153,739.11 points, wiping out about ₦244.9 billion in market value. The decline was driven by losses in banking, oil & gas, and consumer goods stocks, following several weeks of strong gains.
The naira also weakened slightly, trading at ₦1,438 per U.S. dollar compared with ₦1,422.2 at the end of last week.
Trump’s remarks, made during a campaign rally in Florida, accused the Nigerian government of “failing to stop the killing of Christians” and warned that the United States could “take military action if necessary.” The comments unsettled traders and briefly pushed Nigerian assets lower before partial recovery later in the session.
President Bola Tinubu swiftly rejected Trump’s claim, describing it as a “misrepresentation” of Nigeria’s commitment to religious freedom. The Nigerian presidency said bilateral ties with Washington remain “solid and respectful.”
In the bond market, Nigeria’s dollar-denominated Eurobonds were among the worst performers in emerging markets on Monday, with the 2051 issue dropping about 0.5 cents before trimming losses. Analysts said the move reflected temporary geopolitical risk repricing rather than deep investor concern.
“The reaction was more sentiment-driven than structural,” said a Lagos-based market strategist. “Once clarity emerged from the presidency, most of the panic trades faded.”
Analysts expect short-term volatility to persist as global investors monitor diplomatic developments, but they note that local fundamentals remain intact. Visit www.jocomms.com for more news.
