Nigeria Minister Introduces Gold-for-Naira Program to Boost Foreign Reserves

Dele Alake, Nigeria's Minister of Solid Minerals Development, has unveiled a Gold-for-Naira initiative to enhance the country's foreign reserves and stabilize the national currency. The program will enable the Central Bank of Nigeria (CBN) to directly buy gold from local miners in exchange for Naira, aiming to reduce reliance on the dollar in mining transactions.

While experts believe this move will help diversify Nigeria's forex sources beyond oil, transparency and local value addition will be crucial for its success. The initiative seeks to reposition gold as a strategic reserve asset to curb illegal mining activities and capital flight.