CBN Takes Delivery of Gold for Foreign Reserves Under Domestic Purchase Programme
The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards as part of efforts to strengthen the nation’s foreign reserves under its Domestic Gold Purchase Programme.
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The gold delivery ceremony was attended by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, alongside the Deputy Governor in charge of Economic Policy, Dr. Muhammad Sani Abdullahi. Also present were the Executive Secretary of the Solid Minerals Development Fund, Hajiya Fatima Shinkafi, and the Director of the Reserve Management Department at the CBN, Mr. Mujtaba Muhammed Farouk.
The initiative forms part of the CBN’s strategy to diversify Nigeria’s external reserves, reduce reliance on foreign exchange sources, and support the development of the country’s mining sector.
Under the programme, gold sourced from licensed local miners and refined to internationally accepted standards is purchased and incorporated into the nation’s foreign reserves. The LBMA Good Delivery certification ensures that the gold meets global quality, weight, and purity requirements for international trading and reserve holdings.
The development underscores ongoing efforts by the apex bank to strengthen Nigeria’s reserve assets while promoting value addition within the domestic solid minerals sector. Officials say the programme also encourages responsible mining practices and creates opportunities for local miners and investors in the gold value chain.
CBN Takes Delivery of Gold for Foreign Reserves Under Domestic Purchase Programme