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The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency.

The second time, in 2020, Trump’s nomination was automatic, the traditional act of a party denominating an incumbent president.

Much of China's growing rescue lending is denominated in renminbi, the report found, with loans in the Chinese currency overtaking U.S. dollars in 2020.

Israel’s dollar and euro denominated bonds headed for their biggest daily fall in two years.

"Note Gabon production represents around 20% of group production. However, assets are based offshore and importantly oil revenue is dollar denominated," said Investec's Smith.