The British pound has tumbled toward its lowest level against the Nigerian naira in a year, with the exchange rate hitting N1,825 per £1.
The sharp depreciation reflects growing market anxiety over the political stability of the United Kingdom, as uncertainty surrounding the leadership of Prime Minister Keir Starmer intensifies.
According to Nairametrics, the currency slide is directly linked to the deepening political crisis in London.
The pound’s weakness against the naira underscores how domestic political risks in the UK are beginning to spill over into emerging-market currency valuations, particularly in Africa where the UK maintains significant trade and investment ties.
The market move comes as reports from Channel News Asia suggest that Prime Minister Starmer could announce his resignation as early as Monday, June 22.
This potential leadership change coincides with a pivotal set of local elections in London, which are widely viewed as a critical stress test for the Labour Party’s hold on power.