Central Bank of Nigeria (CBN) has disclosed that the country’s gold reserve has grown to about $3.5 billion, after taking delivery of locally sourced and internationally refined gold, adding to the nation’s foreign reserves.
Gatekeepers News reports that according to the apex bank, the newly added bullion was refined to London Bullion Market Association (LBMA) Good Delivery standards and was aggregated through the Solid Minerals Development Fund (SMDF) as part of the National Gold Purchase Programme (NGPP).
This initiative works with artisanal and small‑scale miners under a responsible sourcing framework aligned with international guidelines from the Organisation for Economic Co‑operation and Development and the World Gold Council.
CBN Governor Olayemi Cardoso said the gold was purchased in naira at prices linked to LBMA benchmarks, allowing the bank to strengthen its reserves without spending foreign exchange, a strategy aimed at boosting reserve quality and preserving external liquidity amid ongoing global economic uncertainty.
Speaking at a workshop on maximizing the economic benefits of minerals in Nigeria, Cardoso noted that central banks worldwide are increasingly turning to gold as a hedge against inflation and market volatility. He said this move supports broader macroeconomic stability goals and enhances Nigeria’s external buffers.
Officials also highlighted that the programme’s strict due diligence processes demonstrate a strong formalisation effort in the solid minerals sector, potentially paving the way for greater investment and downstream mineral development.
