CBN Adds $3.5 Billion in Gold to Reserves

The Central Bank of Nigeria (CBN) has received domestically sourced gold, refined to international standards, into its foreign reserves, bringing total gold holdings to about $3.5 billion.

CBN, in a statement on Wednesday, said the bullion was refined to the London Bullion Market Association (LBMA) Good Delivery standards.

 “The Central Bank of Nigeria has taken delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards into its foreign reserves.

“This brings the CBN’s total gold holdings to $3.5bn, marking a significant step in its reserve diversification strategy,” the statement read.

The gold was sourced locally and aggregated by the Solid Minerals Development Fund through the National Gold Purchase Programme, the bank said.

Speaking at a workshop on strategies to maximise the economic benefits of minerals in Nigeria on February 27, 2026, CBN Governor Olayemi Cardoso said the monetary authority purchased the gold in naira at prices linked to LBMA benchmarks.

He claims that the structure strengthens the nation’s gold holdings while enabling the apex bank to increase reserves without using foreign currency.

According to Cardoso, the strategy enhances the calibre of Nigeria’s external reserves and supports more general macroeconomic stability goals.

The initiative, according to the governor, also reflects shifting global reserve management trends, with central banks increasingly using gold as a hedge against inflation and geopolitical risks.

He claimed that by buying locally refined gold, Nigeria can bolster its reserve buffers and promote the growth of the country’s mining industry.

According to Cardoso, the workshop hosted by the Reserve Management and Corporate Secretariat departments of the CBN offered a venue for interaction with stakeholders throughout the gold value chain.

He stated that the goal of the session was to increase awareness of the opportunities and difficulties facing the industry while investigating ways to maximise the economic value of Nigeria’s mineral resources.

Cardoso noted that many central banks are now placing greater priority on economic resilience amid ongoing global uncertainties, noting that gold has become more popular in reserve portfolios because of its capacity to act as a hedge against inflation and financial market volatility.

According to Cardoso, the importance of other essential minerals in global supply chains and advanced industrial development is also growing.

He said that careful management, robust coordination, and long-term policy planning were necessary to fully utilise Nigeria’s abundant natural and human resources.

The CBN governor also stated the importance of following globally accepted standards, emphasising that strong governance frameworks are necessary for institutional credibility.