Reuters report, South Africa’s benchmark Top-40 index shed 3.9% Monday, its biggest drop since November 2008. The article blamed a worldwide dumping of emerging market assets in the face of a resurgent dollar and falling oil prices.
Nigerian stock exchange also record a 2% drop today whilst the MSCI Frontier Market which includes Nigeria dropped by 0.88% as the sell off intensified. MSCI Emerging Market Index also dropped by 1.46% Monday.
The latest sell-offs is stoking fear of a world-wide contagion as the world economy is beginning to look for a bottom and some stability in global oil and commodity prices.
![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg)
