In a decisive move to bolster national economic resilience, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced that the nation’s total gold reserves have reached $3.5 billion.
This milestone, revealed during a workshop focused on maximizing Nigeria’s mineral wealth, marks a pivotal shift in the apex bank’s strategy to diversify foreign reserves and mitigate global economic volatility.
The Governor confirmed that the bank successfully integrated responsibly sourced gold, refined to the prestigious London Bullion Market Association (LBMA) Good Delivery standards, into its holdings.
This gold was aggregated domestically through the National Gold Purchase Programme (NGPP), a collaborative effort spearheaded by the Solid Minerals Development Fund (SMDF).
By sourcing locally, the initiative ensures that the extraction process adheres to international benchmarks, specifically aligning with the OECD Due Diligence Guidelines and the World Gold Council’s London Principles.
A significant highlight of this fiscal strategy is the acquisition of monetary-grade gold using Naira rather than foreign currency.
Cardoso explained that by linking domestic prices to LBMA benchmarks, the CBN effectively preserves its foreign exchange holdings while simultaneously enhancing reserve accretion.
This mechanism is intended to support broader macroeconomic stability by reducing the pressure on the nation’s dollar reserves.
Addressing the current global landscape, Cardoso noted that central banks are increasingly prioritizing gold as a critical hedge against inflation and geopolitical uncertainty.
He framed the workshop convened by the CBN’s Corporate Secretariat and Reserve Management Departments as a vital platform for engaging industry stakeholders to better navigate the complexities of the mineral value chain.
He maintained that Nigeria’s vast natural and human resource potential remains contingent upon strategic coordination, long-term planning, and a steadfast commitment to transparent governance frameworks.