The Central Bank of Nigeria (CBN) has taken into its reserves Nigeria’s refined gold, bringing total gold holdings in CBN’s reserves to $3.5 billion.
CBN Governor, Mr Olayemi Cardoso, confirmed the development, disclosing that the bank had taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves, a feat that marks significant step in the bank’s reserves diversification strategy.
The occasion was during a one-day workshop on strategies to maximise the economic benefits of minerals in Nigeria. Cardoso disclosed that the CBN acquired the monetarygrade gold in naira at pricing linked to LBMA benchmarks, a structure designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves.
The gold, sourced in Nigeria, was aggregated by the Solid Minerals Development Fund (SMDF) through the National Gold Purchase Programme (NGPP).
The programme involves local miners and operates within a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development (OECD) due diligence guidelines and the World Gold Council’s London Principles.
By purchasing domestically refined gold without deploying foreign currency, he said the transaction enhanced reserve accretion and supported broader macroeconomic stability objectives. Cardoso also highlighted major shifts in global reserve management strategies, noting their increasing importance amid rising global economic uncertainties.
He described the event as a reflection of Nigeria’s shared commitment to responsible and strategic management of its mineral resources.
He emphasised that the workshop underscored the nation’s readiness to adapt to the realities of an evolving global economy, where resilience, diversification, and prudent governance have become increasingly vital.
He further explained that the session, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, was designed to create a structured platform for engagement with key players in the gold sector and to deepen understanding of the industry’s current landscape, opportunities, and challenges across its value chain.
He noted that central banks around the world were prioritising economic resilience amid persistent geopolitical and market uncertainties. Gold, he said, had regained importance as a hedge against inflation and volatility, while other critical minerals are increasingly shaping global supply chains and advanced industrial development.
Cardoso emphasised that Nigeria’s immense natural and human resource potential could only be fully realised through prudence, strategic coordination, and long-term planning.
He highlighted the need for strict adherence to internationally recognised standards, stressing that institutional credibility depended on strong governance frameworks.
The Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, highlighted that the successful delivery of LBMA standard gold demonstrated the strength of the organisation’s formalisation framework and supply chain due diligence processes.
