The Central Bank of Nigeria (CBN) has bolstered its foreign reserves with the addition of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards, bringing total gold holdings to $3.5 billion.
This comes as the Senate yesterday moved to reposition the CBN as the coordinating authority for the regulation of Nigeria’s fast-expanding fintech ecosystem, while simultaneously demanding tougher legislative and enforcement measures to stem the rising tide of Ponzi schemes across the country.
The foreign reserves move underscores the central bank’s ongoing strategy to diversify its reserve portfolio and enhance financial stability.
A statement yesterday quoted the CBN Governor, Olayemi Cardoso, as having disclosed this at a one-day workshop on ‘Strategies to Maximise the Economic Benefits of Minerals in Nigeria.’
The gold, sourced domestically, was aggregated by the Solid Minerals Development Fund (SMDF) under the National Gold Purchase Programme (NGPP).
The initiative engages local miners and adheres to internationally recognised responsible sourcing standards, including the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidelines and the World Gold Council’s London Principles.
