The Central Bank of Nigeria (CBN) released updated exchange rates for Friday, August 28, 2026, showing the British pound sterling selling rate fell against the naira. According to the CBN’s official selling-rate data, the pound declined from N1,820.34 on August 27 to N1,816.04 on August 28, a drop of N4.30 within one day.
Pound leads major currencies lower
The pound was among the major currencies that recorded significant declines in selling rates during the period. The euro selling rate fell from N1,560.12 to N1,556.87, a decrease of N3.25. The Swiss franc declined from N1,664.91 to N1,662.05, a reduction of N2.86.
Meanwhile, the US dollar selling rate dropped from N1,338.59 on August 27 to N1,337.29 on August 28, representing a N1.30 decline, as reported by Punch. The movement means the naira strengthened against the pound, euro, dollar, and Swiss franc based on the CBN’s selling-rate figures.
Other CBN selling rates
Other currencies also recorded lower selling rates on August 28. The WAUA recorded the biggest decline, falling by N8.74, from N1,843.17 to N1,834.42. The SDR dropped by N1.25, while the Danish krona declined by N0.44. The Saudi riyal fell by N0.34, and the UAE dirham declined by N0.35. The Chinese yuan dropped by N0.22.
The South African rand decreased from N83.72 to N83.43, while the Japanese yen fell from N8.40 to N8.38.
List of new exchange rates
- CFA: N2.38
- Yuan/Renminbi: N198.97
- Danish Krona: N208.25
- Euro: N1,556.87
- Yen: N8.38
- Riyal: N356.17
- South African Rand: N83.43
- SDR: N1,833.82
- Swiss Franc: N1,662.05
- Pounds Sterling: N1,816.04
- US Dollar: N1,337.29
- WAUA: N1,834.42
- UAE Dirham: N364.07
Reserves rise above CBN's 2026 target
Earlier, Legit.ng reported that Nigeria's external reserves have increased to $51.06 billion, exceeding the Central Bank of Nigeria's (CBN) year-end target of $51.04 billion. It has grown by 32.62% from $38.50 billion in the same period in 2025. The current reserve level provides the CBN with the buffer to support the naira and settle international obligations.
