Story perspectives

Nigeria's Gold Reserves Hit $3.5 Billion Through Local Sourcing

3/6/2026

Summary

Story summary

Nigeria's gold reserves have reached $3.5 billion, per the Central Bank of Nigeria (CBN) and the Solid Minerals Development Fund (SMDF).
The increase comes through the National Gold Purchase Programme (NGPP), which sources gold locally under responsible guidelines to diversify reserves, a point highlighted by SMDF Executive Secretary Hajiya Fatima Shinkafi as strengthening stability.
Olayemi Cardoso (CBN Governor) stated that the gold was purchased in Naira, preserving foreign exchange holdings.

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Story summary

Nigeria's gold reserves have reached $3.5 billion, per the Central Bank of Nigeria (CBN) and the Solid Minerals Development Fund (SMDF).
The increase comes through the National Gold Purchase Programme (NGPP), which sources gold locally under responsible guidelines to diversify reserves, a point highlighted by SMDF Executive Secretary Hajiya Fatima Shinkafi as strengthening stability.
Olayemi Cardoso (CBN Governor) stated that the gold was purchased in Naira, preserving foreign exchange holdings.