The Central Bank of Nigeria has taken delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards into its foreign reserves, bringing its total gold holdings to $3.5 billion (approximately N5.5 trillion) in a significant step toward reserve diversification.
Okay News reports that the gold was sourced locally through the National Gold Purchase Programme managed by the Solid Minerals Development Fund, operating within a responsible sourcing framework aligned with OECD Due Diligence Guidelines and the World Gold Council’s London Principles. CBN Governor Olayemi Cardoso explained that the monetary-grade gold was acquired in Naira at pricing linked to LBMA benchmarks, preserving foreign exchange holdings while strengthening the nation’s gold position.
Cardoso stated that by purchasing domestically refined gold without deploying foreign currency, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives. He highlighted major shifts in global reserve management strategies, noting gold’s increasing importance as a hedge against inflation and volatility amid rising economic uncertainties. The Executive Secretary of the SMDF noted that the successful delivery of LBMA standard gold demonstrates the strength of the formalisation framework and supply chain due diligence processes.
The World Gold Council’s Director of Central Banks and Public Policy commended both the CBN and SMDF for designing the programme in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing. The Domestic Gold Purchase Programme forms part of the CBN’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability. This gold reserves acquisition reflects a strategic approach to diversifying Nigeria’s external buffers and strengthening macroeconomic resilience.
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