CBN Grows Nigeria’s Gold Reserves to $3.5 Billion Without Spending Foreign Currency

The Central Bank of Nigeria has grown its gold reserves to $3.5 billion using only locally sourced gold purchased in Naira.

The gold was bought in Naira through the National Gold Purchase Programme and refined to international standards. CBN Governor Olayemi Cardoso explained the approach:”By purchasing domestically refined gold without deploying foreign currency, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives.”

This move protects Nigeria’s foreign currency while still growing its reserve value — a smart balance. Nigeria’s gold holdings were already rising. In 2024, their value jumped from N1.28 trillion to N2.77 trillion, driven purely by surging global gold prices. Gold has now crossed $3,500 per ounce, with the World Gold Council projecting a further 15–30% rise in 2026.