The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards, bringing its total gold holdings to $3.5 billion.
The addition represents a significant step toward diversifying Nigeria’s foreign reserves and strengthening the nation’s external buffers.
The gold was sourced locally through the National Gold Purchase Programme managed by the Solid Minerals Development Fund.
The programme operates within a responsible sourcing framework aligned with OECD Due Diligence Guidelines and the World Gold Council’s London Principles.
CBN Governor Olayemi Cardoso explained that the monetary-grade gold was acquired in Naira at pricing linked to LBMA benchmarks.
This approach preserves foreign exchange holdings while strengthening the nation’s gold position, according to the Governor.
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Cardoso stated that by purchasing domestically refined gold without deploying foreign currency, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives.
He highlighted major shifts in global reserve management strategies, noting gold’s increasing importance as a hedge against inflation and volatility amid rising economic uncertainties.
The Executive Secretary of the SMDF noted that the successful delivery of LBMA standard gold demonstrates the strength of the formalisation framework and supply chain due diligence processes.
The World Gold Council’s Director of Central Banks and Public Policy commended both the CBN and SMDF for designing the programme in line with the twelve London Principles for responsible gold sourcing.
The Domestic Gold Purchase Programme forms part of the CBN’s broader strategy to enhance reserve quality and reduce external vulnerabilities.
The initiative positions Nigeria’s mineral wealth as a pillar of long-term economic stability and macroeconomic resilience.
