The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced, locally mined gold refined to London Bullion Market Association (LBMA) Good Delivery standards, incorporating it into the nation's foreign reserves.
In a statement issued on Wednesday, March 4, 2026, the apex bank announced that this addition has raised its total gold holdings to $3.5 billion, representing a key advancement in its strategy to diversify reserves away from over-reliance on foreign currencies.
The gold was sourced domestically and aggregated through the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP), which formalizes artisanal and small-scale mining while ensuring adherence to global responsible sourcing and quality benchmarks.
CBN Governor Olayemi Cardoso revealed the development during a one-day workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria, held on February 27, 2026.
He explained that the monetary-grade gold was acquired in naira at prices linked to LBMA benchmarks.
“This structure is designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves,” Cardoso stated.
By purchasing the gold domestically without expending foreign currency, the transaction supports reserve accretion, enhances macroeconomic stability, and promotes the local mining sector.
The milestone highlights Nigeria's growing capacity to produce internationally certified gold, unlocking economic value from its abundant mineral resources and reducing vulnerability to external shocks.
The CBN emphasized that this move aligns with broader efforts to harness the country's mineral potential through reforms and formalization initiatives.
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