The Central Bank of Nigeria has increased its gold holdings to $3.5bn after receiving locally sourced gold refined to LBMA standards, strengthening the country’s foreign reserves

The Central Bank of Nigeria has taken delivery of domestically sourced gold refined to international standards, raising its total gold holdings to about $3.5bn.

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In a statement issued on Wednesday, the apex bank said the bullion was refined to the London Bullion Market Association Good Delivery standards and has now been added to Nigeria’s 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 under the National Gold Purchase Programme.

The CBN noted that the initiative works with local miners and follows responsible sourcing frameworks aligned with the Organisation for Economic Co-operation and Development Due Diligence Guidelines and the World Gold Council London Principles.

Speaking at a workshop held on February 27, 2026, CBN Governor Olayemi Cardoso said the bank purchased the gold in naira at prices linked to LBMA benchmarks.

He explained that the structure enables the apex bank to build reserves without deploying foreign currency, while strengthening macroeconomic stability and improving the quality of Nigeria’s external reserves.

Cardoso noted that central banks globally are increasingly turning to gold as a hedge against inflation and geopolitical risks, adding that the initiative supports the development of Nigeria’s domestic mining sector.

Also speaking, the Executive Secretary of the Solid Minerals Development Fund, Fatima Shinkafi, said the delivery of LBMA-standard gold underscores the strength of the fund’s formalisation and due diligence processes.

The Director of Central Banks and Public Policy at the World Gold Council, Kurtulus Taskale-Diamondopoulos, commended the programme’s alignment with international responsible sourcing standards.

Meanwhile, the President and Chief Executive Officer of the Africa Finance Corporation, Samaila Zubairu, reaffirmed support for the formalisation of Nigeria’s mineral sector, stressing the need for improved geological data and mineral processing infrastructure.

The Executive Vice Chairman of Kian Smith Gold Company, Nere Emiko, called for increased investment in exploration and transparency to build Nigeria’s strategic gold reserves.

The CBN added that the Domestic Gold Purchase Programme forms part of its broader strategy to enhance reserve quality, reduce external vulnerabilities, and position mineral resources as a pillar of long-term economic stability.

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Earlier, Cardoso disclosed that Nigeria’s net foreign exchange reserves rose to $34.80bn at the end of 2025, up from $3.99bn at the end of 2023, while gross external reserves climbed to $50.45bn as of February 16, 2026.