The Central Bank of Nigeria (CBN) has received domestically sourced gold refined to international standards into the country’s foreign reserves, raising its total gold holdings to about $3.5 billion.
The apex bank disclosed this in a statement issued on Wednesday, noting that the bullion was refined to the London Bullion Market Association Good Delivery standards.
The statement read, “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. This brings the CBN’s total gold holdings to $3.5bn, marking a significant step in its reserve diversification strategy.”
According to the bank, the gold was sourced locally and aggregated by the Solid Minerals Development Fund through the National Gold Purchase Programme.
The CBN explained that the programme works with local miners and follows a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development Due Diligence Guidelines and the World Gold Council’s London Principles.
Speaking at a one-day workshop on strategies to maximise the economic benefits of minerals in Nigeria held on February 27, 2026, the Governor of the CBN, Mr Olayemi Cardoso, said the monetary authority purchased the gold in naira at prices linked to LBMA benchmarks.
According to him, the structure allows the apex bank to build reserves without using foreign currency while strengthening the country’s gold holdings.
Cardoso said the approach supports broader macroeconomic stability objectives and improves the quality of Nigeria’s external reserves.
The governor noted that the initiative also reflects changing global trends in reserve management, where central banks are increasingly turning to gold as a hedge against inflation and geopolitical risks.
He said the purchase of locally refined gold enables Nigeria to strengthen its reserve buffers while supporting the development of the domestic mining sector.
Cardoso added that the workshop organised by the CBN’s Corporate Secretariat and Reserve Management Departments provided a platform for engagement with stakeholders across the gold value chain.
According to him, the session was aimed at deepening understanding of the sector’s opportunities and challenges while exploring strategies to maximise the economic value of Nigeria’s mineral resources.
He stressed that many central banks are now prioritising economic resilience amid persistent global uncertainties, noting that gold has regained prominence in reserve portfolios due to its ability to hedge against inflation and financial market volatility.
Cardoso said other critical minerals are also becoming increasingly important in global supply chains and advanced industrial development.
The PUNCH