CBN Gold Holdings Increase to $3.5 Billion Amid Strategy

The Central Bank of Nigeria (CBN) announced that its gold holdings have risen to $3.5 billion, a significant step in its reserve diversification strategy. This increase follows the bank's delivery of responsibly sourced gold refined to international standards, as stated in a release issued on Wednesday.

The CBN's gold purchasing program aims to work with local miners, aligning with the World Gold Council's guidelines. Governor Mr. Olayemi Cardoso emphasized that this initiative reflects a global trend where central banks are increasingly turning to gold as a hedge against inflation and geopolitical risks.

The program is designed to strengthen Nigeria's reserve buffer and support the domestic mining sector. A workshop held on February 27, 2026, focused on maximizing economic benefits for miners.

The CBN's approach includes purchasing gold linked to the London Bullion Market Association's benchmark, allowing the bank to build reserves without relying on U.S. foreign currency. The initiative also aims to enhance compliance with international standards and improve the mining sector's infrastructure.