The Central Bank of Nigeria (CBN) has boosted the nation’s foreign reserves with the addition of $3.5 billion worth of gold, marking a significant milestone in its reserve diversification drive.
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The apex bank took delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards, with the precious metal now formally included in Nigeria’s reserve portfolio.
The gold, sourced locally, was aggregated by the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP), a framework designed to formalise artisanal and small-scale mining while ensuring global best practices in responsible sourcing.
Speaking at a one-day workshop on strategies to maximise the economic benefits of minerals in Nigeria, the CBN Governor, Mr Olayemi Cardoso, disclosed that the apex bank acquired the monetary-grade gold in naira at prices linked to LBMA benchmarks.
According to him, the structure allowed the CBN to strengthen reserves without deploying foreign exchange.
“By purchasing domestically refined gold without deploying foreign currency, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives,” Cardoso said.
He noted that global reserve management strategies were shifting amid geopolitical tensions and market volatility, with gold regaining prominence as a hedge against inflation and economic uncertainty.
Cardoso described the move as part of Nigeria’s broader strategy to enhance economic resilience, reduce external vulnerabilities and position mineral wealth as a pillar of long-term stability.
The CBN boss also advocated reforms to unlock Nigeria’s mineral potential, stressing that prudence, coordination and adherence to international standards were critical to sustaining institutional credibility.
Executive Secretary of SMDF, Fatima Shinkafi, said the successful delivery of LBMA-standard gold reflected the strength of the agency’s formalisation and supply chain due diligence framework.
Also speaking, the Director of Central Banks and Public Policy at the World Gold Council, Ms Kurtulus Diamondopoulos, commended both the CBN and SMDF for aligning the NGPP with the London Principles for responsible artisanal and small-scale gold sourcing.
She described the partnership between the CBN as sole off-taker and SMDF as supply chain manager as a potential model for other countries.
President and CEO of the Africa Finance Corporation, Mr Samaila Zubairu, reaffirmed the corporation’s commitment to supporting Nigeria’s mineral sector, emphasising the need for improved data, processing infrastructure and environmental safeguards.
On her part, the Executive Vice Chairman of Kian Smith Gold Company, Ms Nere Emiko, underscored the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges, noting the country’s low reserve levels relative to peers and calling for greater investment in exploration and transparency.
“The Domestic Gold Purchase Programme forms part of the Central Bank’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability,” the CBN added.
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