The Central Bank of Nigeria (CBN) has added responsibly sourced gold to its foreign reserves, increasing its gold holdings to $3.5 billion in a significant step toward reserve diversification.
The gold was refined to London Bullion Market Association Good Delivery standards and acquired locally through the National Gold Purchase Programme.
Okay News reports that the programme is managed by the Solid Minerals Development Fund with 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 gold was acquired in Naira with pricing linked to LBMA benchmarks, ensuring foreign currency reserves were preserved.
He noted that purchasing domestically refined gold without deploying foreign currency enhances reserve accretion and supports broader macroeconomic stability objectives. In 2024, the CBN reported that the value of its gold reserves increased to N2.77 trillion as of December 31, driven by a sharp rise in global gold prices now surpassing $5,000 per ounce.
Industry leaders including the World Gold Council and the Africa Finance Corporation commended the alignment of the programme with responsible gold sourcing principles. The World Gold Council forecasts gold prices to continue rising in 2026 due to geopolitical and economic uncertainty. This strategic move to build gold reserves reflects gold’s growing importance as a safe-haven asset in times of global economic volatility.
 has added responsibly sourced gold to its foreign reserves, increasing its gold holdings to $3.5 billion in a significant step toward reserve diversification.){kind=link}