Nigeria Adds Locally Mined Gold To CBN
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The Central Bank of Nigeria (CBN) has confirmed that gold mined in Nigeria and refined to London Bullion Market Association standards has now been added to the country’s official reserves.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The gold meets the quality benchmark set by the London Bullion Market Association (LBMA), which regulates the global standard for gold purity and trade.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Meeting this standard means the gold can be accepted and traded internationally.
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According to the CBN, the development forms part of efforts to strengthen Nigeria’s external reserves and diversify away from heavy reliance on foreign currencies.
Officials say the move will also help formalise Nigeria’s gold mining sector, encourage local refining, and reduce illegal export of the mineral.
By purchasing locally produced gold that meets LBMA standards, the apex bank is able to support domestic miners while simultaneously boosting national reserves.
The initiative is part of broader efforts by the Nigerian government to increase value from solid minerals and reduce dependence on crude oil revenue.
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