CBN Raises Gold Reserves To $3.5bn Through Local Purchase Programme

Nigeria’s external reserves received a new boost after the Central Bank of Nigeria took delivery of locally sourced gold valued at $3.5 billion.

The shipment was refined to London Bullion Market Association Good Delivery standards, a benchmark widely used in international bullion trade. Officials said the delivery reflects a deliberate effort to deepen reserve diversification while strengthening the formal mining value chain inside the country.

The gold was aggregated by the Solid Minerals Development Fund under the National Gold Purchase Programme. The programme focuses on drawing artisanal and small-scale miners into a formal supply system that can meet international traceability and compliance requirements.

According to the SMDF, the framework supporting the purchase aligns with OECD due diligence guidance and the World Gold Council’s London Principles. Authorities said that alignment is intended to ensure ethical sourcing, clearer documentation, and stronger confidence for buyers and regulators.

Hajiya Fatima Umaru Shinkafi, Executive Secretary of the SMDF, said the latest delivery shows that Nigeria can produce bullion that meets global quality rules while supporting national reserve objectives. She said the outcome also reflects tighter controls around sourcing and supply chain checks introduced under the programme.

Ms Kurtulus Taskale Diamondopoulos, Director of Central Banks and Public Policy at the World Gold Council, said the NGPP was structured around the twelve London Principles for responsible artisanal and small-scale gold sourcing. Her remarks reinforced official claims that the programme was built to connect local production with acceptable global standards.

Analysts said the delivery is an important marker for Nigeria’s effort to tie domestic mineral output to global financial markets. Beyond reserve accumulation, they noted that a stable local offtake channel can improve miner incomes, reduce informal leakages, and support long-term sector growth if governance standards are maintained.

The CBN’s broader reserve strategy has increasingly focused on spreading risk across more asset classes. With further NGPP expansion expected, policymakers are positioning locally refined gold as a recurring component of Nigeria’s reserve structure in the coming years.