Nigeria’s Gold Reserves Now $3.5bn, Says CBN
The Central Bank of Nigeria (CBN) has announced that the country’s gold reserves have risen to $3.5
billion, following the addition of locally sourced and refined gold to its external reserves.
The disclosure was made on Wednesday, March 4, 2026, in a statement by the apex bank, which said
the increase was achieved through the National Gold Purchase Programme (NGPP), a key initiative
aimed at strengthening Nigeria’s reserve base and reducing reliance on foreign exchange.
According to the CBN, the gold added to the reserves was refined to London Bullion Market Association
(LBMA) Good Delivery standards and sourced domestically through coordinated efforts involving the
Solid Minerals Development Fund (SMDF) and local miners operating under responsible sourcing
frameworks.
CBN Governor, Olayemi Cardoso, explained that the monetary-grade gold was acquired in naira at prices
linked to international benchmarks, a structure designed to preserve Nigeria’s foreign exchange while
boosting reserve accretion.
He noted that purchasing domestically refined gold without deploying foreign currency helps strengthen
external reserves and supports macroeconomic stability, particularly in the face of global economic
uncertainties. The apex bank added that the initiative aligns with global best practices, as central banks increasingly turn to gold as a hedge against inflation and market volatility.
Officials also said the programme reflects broader efforts to formalise Nigeria’s artisanal mining sector,
improve traceability, and ensure compliance with international standards such as the Organisation for
Economic Co-operation and Development (OECD) due diligence guidelines and the World Gold Council’s
London Principles.
The development marks a significant step in Nigeria’s strategy to diversify its external reserves and
position its mineral resources as a critical pillar of long-term economic stability.
By Oyinkansola Shittu.
