CBN Gold Holdings Reach $3.5 Billion Amid Reserve Strategy

The Central Bank of Nigeria (CBN) has announced that its total gold holdings have risen to $3.5 billion, marking a significant step in its reserve diversification strategy. Governor Mr.

Olayemi Cardoso disclosed that the CBN has acquired monetary-grade gold linked to the London Bullion Market Association (LBMA) benchmark, which is designed to preserve Nigeria's foreign exchange reserves. This initiative is part of the Nigerian Gold Purchase Program (NGPP), which involves sourcing gold from local miners under a responsible sourcing framework aligned with OECD due diligence guidelines.

Hajiya Fatima Umaru Shinkafi highlighted the success of the LBMA-standard gold delivery, while Ms. Kurtulu Taskal Diamondopoulo commended the CBN's alignment with the twelve London principles for responsible sourcing.

The program aims to strengthen Nigeria's gold reserves and improve economic resilience amid global uncertainties. Mr.

Samaila Zubairu from the Africa Finance Corporation emphasized the importance of accurate data and infrastructure to attract investment in the mining sector.