The Central Bank of Nigeria (CBN) has added a new batch of locally sourced gold, refined to London Bullion Market Association (LBMA) Good Delivery standards, to its foreign reserves.<\/p>\n
\n This latest acquisition brings Nigeria\u2019s total gold holdings to $3.5 billion, marking a major milestone in the central bank\u2019s reserve diversification strategy.\n <\/p>\n
\n The gold was supplied through the National Gold Purchase Programme (NGPP), managed by the Solid Minerals Development Fund (SMDF). The programme engages local miners and operates under a responsible sourcing framework aligned with the OECD Due Diligence Guidelines and the World Gold Council\u2019s London Principles.\n <\/p>\n
\n CBN Governor Olayemi Cardoso explained that the monetary-grade gold was purchased in Naira at prices linked to LBMA benchmarks. This structure preserves Nigeria\u2019s foreign exchange holdings while strengthening the nation\u2019s gold reserves.\n <\/p>\n
\n By buying domestically refined gold without deploying foreign currency, the transaction supports reserve accumulation and broader macroeconomic stability.\n <\/p>\n
\n Governor Cardoso noted that central banks globally are increasingly prioritising economic<\/a> resilience amid ongoing geopolitical and market uncertainties. Gold, he said, has regained importance as a hedge against inflation and market volatility, while other strategic minerals are playing a growing role in global supply chains and industrial development.\n <\/p>\n African Central Banks Turn to Gold <\/p>\n \n Across Africa, countries are boosting gold reserves to protect against currency depreciation, curb high inflation, and reduce dependence on the US dollar.\n <\/p>\n