The Central Bank of Nigeria (CBN) has received locally sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into Nigeria’s foreign reserves, bringing the Bank’s total gold holdings to $3.5 billion. The milestone represents an important step in the CBN’s reserve diversification strategy.
The gold was aggregated by the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP), which integrates local miners within a responsible sourcing framework aligned with global best practices.
Speaking at a workshop on strategies to maximise the economic benefits of Nigeria’s minerals, CBN Governor Olayemi Cardoso noted that the Bank acquired the monetary-grade gold in Naira at pricing linked to LBMA benchmarks, helping to preserve Nigeria’s foreign exchange while strengthening the nation’s reserves.
The initiative forms part of the CBN’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.
