Pound slides against naira as UK Prime Minister resigns

By Chinwendu Obienyi
The British pound weakened against the naira and hovered near its lowest level of the year against the US dollar on Monday as political uncertainty in the United Kingdom rattled investors and weighed on sterling.
The development follows the resignation of UK Prime Minister, Keir Starmer, who faced mounting pressure within the Labour Party after a surprise by-election result in Greater Manchester strengthened the political profile of rival Labour figure Andy Burnham.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at about N1,806 to the pound sterling, reflecting the combined impact of sterling weakness and Nigeria’s ongoing efforts to ...