Nigeria boosts gold reserves to $3.5B

The Nigeria — Central Bank of Nigeria has significantly boosted its foreign reserves by taking delivery of locally sourced gold, refined to London Bullion Market Association Good Delivery standards, increasing its total gold holdings to $3.5 billion. This initiative, part of the National Gold Purchase Programme managed by the Nigeria — Ministry of Solid Minerals Development, aims to diversify Nigeria's reserves and strengthen macroeconomic stability. The Nigeria — Central Bank of Nigeria acquired the gold in Naira, linking pricing to London Bullion Market Association benchmarks, which preserves Nigeria's foreign exchange holdings. Governor Yemi Cardoso emphasized that this strategy reflects a global shift in reserve management, where Gold is increasingly valued as a hedge against inflation and volatility. The program adheres to responsible sourcing frameworks, including OECD Due Diligence Guidelines and World Gold Council's London Principles. Industry leaders like Fatima Shinkafi, Kurtulus Taskale Diamondopoulos, Samaila Zubairu, and Nere Emiko have commended the program and highlighted the importance of strategic gold reserves, accurate data, and mineral processing infrastructure for Nigeria's long-term economic stability.