🇳🇬 Nigeria’s Gold Reserves Jump to $3.5 Billion — CBN Boosts Foreign Reserves

Key Facts:

The Central Bank of Nigeria announced its **gold reserves now total about $3.5 billion, following the delivery of **locally sourced gold refined to **London Bullion Market Association (LBMA) Good Delivery standards.

The bullion was aggregated under the National Gold Purchase Programme (NGPP), involving local miners and a responsible sourcing framework aligned with international due diligence guidelines.

Independent Newspaper Nigeria

By acquiring gold in naira rather than foreign currency, the CBN preserved external FX liquidity while strengthening reserves — part of a broader strategy to diversify and enhance reserve quality amid economic uncertainties.

Expert Insight:

Nigeria’s move to add LBMA‑standard gold to its reserves reflects a growing focus on strategic reserve diversification, reducing dependence on hard currency and reinforcing macroeconomic stability amid global market volatility.

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