The Central Bank of Nigeria has received responsibly sourced gold refined to internationally recognised standards into the country’s foreign reserves, bringing Nigeria’s total gold holdings in its external reserves to about $3.5 billion, strengthening Nigeria’s push to diversify its reserve assets.
The apex bank confirmed that the gold was refined to the standards of the London Bullion Market Association (LBMA) Good Delivery benchmark, the global quality certification required for gold traded on major international bullion markets.
The development is part of broader efforts by the Central Bank to reduce overreliance on traditional reserve assets such as foreign currencies and government securities. Gold is widely regarded as a safe-haven asset that helps protect national reserves against global financial volatility, inflation and currency fluctuations.
Officials say sourcing gold that meets LBMA Good Delivery standards also enhances Nigeria’s credibility in international bullion markets, ensuring the metal can be easily traded or used in global financial transactions.
Nigeria has increasingly turned to domestically sourced and responsibly refined gold as part of its reserve management framework. The strategy also supports the formalisation of the country’s mining sector and encourages value addition within the local gold supply chain.
By expanding its gold reserves, the Central Bank aims to strengthen Nigeria’s financial resilience and improve the stability of its external reserve portfolio, particularly amid ongoing global economic uncertainty.
Global Gold Prices
Global gold prices are trading at elevated levels today as strong demand for safe-haven assets continues to support the precious metal. The international spot price of gold is hovering around $5,170 to $5,190 per troy ounce, reflecting ongoing investor interest amid geopolitical tensions and financial market uncertainty.
On a smaller scale, this translates to roughly $166 to $167 per gram for 24-karat gold, while a kilogram of gold is valued at approximately $166,800 based on current spot market pricing.
The precious metal has experienced a strong rally in recent months, with prices remaining near historic highs after surging earlier in 2026. Continued central bank purchases, inflation concerns and global geopolitical risks have helped sustain demand, reinforcing gold’s role as a hedge against economic and currency volatility.
