The Central Bank of Nigeria (CBN) says Nigeria’s gold reserves have increased to $3.5 billion. The bank confirmed the delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards.
In a statement, the apex bank said the gold was sourced locally under the National Gold Purchase Programme. The gold was aggregated by the Solid Minerals Development Fund in collaboration with artisanal and small-scale miners operating under international responsible sourcing guidelines.
CBN Governor Olayemi Cardoso said the bank acquired the monetary grade gold in naira at prices linked to global benchmarks. He explained that the strategy helps preserve foreign exchange while strengthening Nigeria’s external reserves and supporting macroeconomic stability.
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Officials of the Solid Minerals Development Fund and the World Gold Council commended the initiative, describing it as a model for responsible gold sourcing. The Africa Finance Corporation also pledged support for the sector, while industry stakeholders called for more investment in exploration and transparency.
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