The Central Bank of Nigeria (CBN) has announced the addition of responsibly sourced gold refined to the London Bullion Market Association (LBMA) Good Delivery standards into Nigeria’s foreign reserves.
The development marks a significant milestone in the country’s reserve diversification strategy, as the apex bank confirmed that Nigeria’s total gold holdings have now reached $3.5 billion.
According to the CBN, the gold added to the reserves meets the globally recognised LBMA Good Delivery standards, which certify the quality and authenticity of gold traded in international markets.
The move is part of broader efforts by the central bank to strengthen Nigeria’s external reserves by incorporating alternative assets such as gold alongside traditional reserve instruments.
Analysts say the inclusion of LBMA-certified gold in Nigeria’s reserves could enhance the country’s financial stability and reduce exposure to currency volatility in global markets.
The Central Bank of Nigeria noted that the initiative also aligns with ongoing policies aimed at promoting responsible sourcing and boosting the value of Nigeria’s mineral resources within the global financial system.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
