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 Nigeriaās foreign reserves.
The development marks a significant milestone in the countryās reserve diversification strategy, as the apex bank confirmed that Nigeriaās 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 Nigeriaās external reserves by incorporating alternative assets such as gold alongside traditional reserve instruments.
Analysts say the inclusion of LBMA-certified gold in Nigeriaās reserves could enhance the countryās 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 Nigeriaās mineral resources within the global financial system.
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