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Naira Opens Week with Marginal Gain Against British Pound

By Modupe Gbadeyanka

The Nigerian currency opened for the week on a bullish note against the British Pound Sterling on Monday.

Business Post reports that the Naira slightly appreciated by N1 against the Pound at the parallel segment of the foreign exchange market.

Lately, the British currency has been performing woefully at the international markets due to political concerns in the United Kingdom.

Today, the Pound fell sharply after reports over the weekend that 40 Conservative MPs had agreed to sign a letter of no confidence in Theresa May, the UK Prime Minister.

Back to the local market in Nigeria, the Naira, which traded at N473 to the Pound last Friday at the black market, was exchanged at N472 per Pound at the close of business today.

However, the local currency remained unchanged against the other major foreign currencies, Dollar and Euro, at the black market on Monday.

Our correspondent reports that the Naira was sold at N363 to the Dollar at the market, and N420 against the Euro.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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