CBN Adds $3.5B Responsibly Sourced Gold to Reserves
Central Bank of Nigeria (CBN) has increased its gold holdings to $3.5 billion by purchasing responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards. The gold was acquired locally through the National Gold Purchase Programme (NGPP) managed by the Solid Minerals Development Fund (SMDF), aligning with OECD Due Diligence Guidelines and World Gold Council principles. CBN Governor Olayemi Cardoso emphasized the transaction preserved foreign currency reserves while strengthening gold reserves, noting gold's growing importance as a hedge against inflation and economic volatility. This follows a 2024 increase from N1.28 trillion to N2.77 trillion in gold reserve value, driven by rising global prices. Industry leaders praised the formalization of Nigeria's artisanal gold sector, with the World Gold Council forecasting 15-30% gold price growth in 2026 due to geopolitical uncertainty.