Would you like to receive notifications on latest updates of the following headlines?

New UK Leader: British Pound Shows Strength Against Naira, U.S Dollar

POSTED ON July 5, 2024 •   Business      BY Abiodun Saheed Omodara
Naira Dollar Pounce

Following years of market volatility under the Conservatives, the global currency market received much-needed reassurance when Keir Starmer’s centre-left Labour Party secured a substantial majority in the UK general election. 

The British pound maintained most of its gains against the naira and held its ground against the haven currency. 

Labour won over 326 of the 650 seats in parliament, with more than 410 seats predicted by an exit poll. Conservative Party Prime Minister Rishi Sunak conceded defeat.

Despite the pending announcement of more election results, Labour's victory had a positive impact on the currency market. 

The Nigerian currency experienced a bearish trend against the British pound and other major currencies on both the official and underground markets, partly due to increased demand. 

On the black market, the British pound sterling was sold for N1,905 against the naira, despite improvements in the official market conditions.

The pound displayed a 1% appreciation against the US dollar this week, marking its best weekly performance since mid-May. It also outperformed major currencies this year compared to the dollar, gaining more than 100 basis points. 

The sterling was last seen at a $1.276 bandwidth at the London trading session, slightly below the three-week high of $1.27765 reached on Wednesday.

The UK election campaign saw stability in the British pound and UK bond yields, as markets believe that Labour will uphold the country’s budgetary stability.

Attention will now shift to Starmer’s first 100 days in office and his economic blueprint, which aims to improve the economy

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

READ ALSO
Nigeria's $5bn Crude-for-Loan Deal with Aramco Faces Major Setbacks amid Falling Oil Prices
BY Abiodun Saheed Omodara June 11, 2025 0

A $5 billion crude-for-loan agreement between the Federal Government and Saudi Arabian oil giant Ara...

READ ALSO
Tinubu Reopens Renovated Conference Centre, Mandates Payment for Usage
BY Abiodun Saheed Omodara June 11, 2025 0

ABUJA,Nigeria - The Minister of the Federal Capital Territory, Nyesom Wike, has declared that the Ab...

OUR CHANNELS:

Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 24, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 24, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 24, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...


EFCC Urges Students to Shun Internet Fraud, Embrace Positive Online Ventures
BY Abiodun Saheed Omodara June 24, 2025 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Ni...


Abia Govt Vows Crackdown After Cult Clash Leaves One Dead
BY Abiodun Saheed Omodara June 24, 2025 0

ABIA, Nigeria - A suspected cultist was shot dead while another was apprehended following a violent...


Tinubu Showoff Chicago Classmate Amid Lingering Certificate Forgery Controversy
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria - Amid ongoing public debate over his academic credentials, President Bola Tinubu on...


Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 24, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...


POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...


Ned Nwoko’s Second-Term Endorsement Sparks Rift in Delta North APC
BY Abiodun Saheed Omodara June 24, 2025 0

DELTA, Nigeria - The endorsement of Senator Ned Nwoko for a second term as representative of Delta N...


AFN Will Not Block Favour Ofili’s Switch to Turkey – Okowa
BY Abiodun Saheed Omodara June 23, 2025 0

President of the Athletics Federation of Nigeria (AFN), Tonobok Okowa, has stated that the federatio...


More Articles

Load more...

Menu