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CBN boosts gold reserves to $3.5bn via domestic, responsibly sourced gold.
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National Gold Purchase Programme strengthens reserves without using foreign currency.
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LBMA standards followed, supporting Nigeria’s macroeconomic stability and investor confidence.
The Central Bank of Nigeria (CBN) has raised the nation’s gold reserves to $3.5 billion, acquiring gold refined to London Bullion Market Association (LBMA) Good Delivery standards.
The reserves were sourced locally through the National Gold Purchase Programme (NGPP), aimed at diversifying Nigeria’s foreign reserves.
The gold, aggregated by the Solid Minerals Development Fund (SMDF), comes from artisanal and small-scale miners operating under responsible sourcing rules aligned with OECD guidelines and the World Gold Council’s London Principles.
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Speaking at a workshop on mineral strategies, CBN Governor Olayemi Cardoso said the bank bought the gold in naira, linked to LBMA prices, preserving foreign exchange holdings while boosting reserves. He highlighted gold’s growing role as a hedge against inflation and economic volatility.
SMDF Executive Secretary Fatima Umaru noted the delivery of LBMA-standard gold reflects the strength of Nigeria’s formalisation framework. Meanwhile, World Gold Council’s Kurtuluş Diamondopoulos praised the NGPP as a model for other countries.
AFC CEO Samaila Zubairu stressed the need for reliable data and mineral processing to attract investments, while Kian Smith Gold’s Nere Emiko called for more exploration and transparency, noting Nigeria’s gold reserves are still modest compared to peers.