Pat Stevens/
The Central Bank of Nigeria (CBN) has added $3.5 billion worth of responsibly sourced gold to the country’s foreign reserves, a move aimed at strengthening the economy and protecting Nigeria’s foreign currency.
The gold was sourced locally under the National Gold Purchase Programme (NGPP), managed by the Solid Minerals Development Fund (SMDF).
Refined to London Bullion Market Association (LBMA) Good Delivery standards, it meets international benchmarks for responsible sourcing, integrating small-scale miners into a formal framework.
Speaking at a workshop on Nigeria’s mineral resources, CBN Governor, Olayemi Cardoso, said:
“We purchased this monetary-grade gold in Naira, with pricing linked to LBMA benchmarks.
“This helps preserve Nigeria’s foreign currency while boosting our reserves. Gold is increasingly seen globally as a hedge against inflation and market volatility.”
The acquisition is part of the bank’s broader strategy to diversify reserves, enhance economic stability, and harness Nigeria’s mineral resources as a long-term economic pillar.
Fatima Umaru Shinkafi, Executive Secretary of the SMDF, highlighted the benefits for local miners:
“Delivering LBMA-standard gold shows the strength of our supply chain and responsible sourcing processes. It also creates jobs and economic opportunities for local communities.”
Kurtulus Taskale Diamondopoulos of the World Gold Council praised the partnership between the CBN and SMDF, describing it as: “A strong model for countries looking to formalise and strengthen their gold sectors.”
Samaila Zubairu, President & CEO of the Africa Finance Corporation, noted: “Accurate data and improved mineral processing are key to attracting investment and increasing gold recovery. This programme demonstrates how Nigeria’s mineral wealth can support economic resilience.”
By purchasing domestically refined gold without using foreign currency, the CBN has simultaneously increased reserves, supported local miners, and strengthened the Naira.
The Domestic Gold Purchase Programme marks a major milestone in Nigeria’s efforts to make its mineral resources a sustainable engine of economic growth while aligning with global best practices.
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