The Central Bank of Nigeria has added gold valued at $3.5 billion to the country’s foreign reserves as part of efforts to diversify reserve assets.
The gold, refined to London Bullion Market Association Good Delivery standards, was sourced locally under the National Gold Purchase Programme and aggregated by the Solid Minerals Development Fund.
CBN Governor Olayemi Cardoso said the bank acquired the gold in naira, with pricing linked to international LBMA benchmarks.
According to the apex bank, the initiative is aimed at strengthening reserve diversification, supporting macroeconomic stability, and reducing pressure on foreign exchange.
The programme also seeks to integrate local miners into a responsible sourcing framework aligned with international standards.
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