Economy
Nigeria’s Gold Holdings Rise to $3.5bn as CBN Diversifies Reserves
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) said it has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves, as part of its reserves diversification strategy.
The gold, sourced in Nigeria and aggregated by the Solid Minerals Development Fund (SMDF) through the National Gold Purchase Programme (NGPP), brings the CBN’s total gold holdings to $3.5 billion.
According to the CBN, the programme involves local miners and operates within a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidelines and the World Gold Council’s London Principles.
Speaking at the one-day Workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria, the Governor of the apex bank, Mr Yemi Cardoso, disclosed that the lender acquired the monetary-grade gold in Naira at pricing linked to LBMA benchmarks, a structure designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves.
By purchasing domestically refined gold without deploying foreign currency, he said, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives. Highlighting major shifts in global reserve management strategies, the CBN Governor noted their increasing importance amid rising global economic uncertainties.
He described the event as a reflection of Nigeria’s shared commitment to responsible and strategic management of its mineral resources. He emphasised that the workshop underscores the nation’s readiness to adapt to the realities of an evolving global economy, where resilience, diversification, and prudent governance have become increasingly vital.
He further explained that the session, convened by the CBN’s Corporate Secretariat and Reserve Management Departments, was designed to create a structured platform for engagement with key players in the gold sector and to deepen understanding of the industry’s current landscape, opportunities, and challenges across its value chain.
The governor noted that central banks around the world are prioritising economic resilience amid persistent geopolitical and market uncertainties.
He said gold has regained importance as a hedge against inflation and volatility, while other critical minerals are increasingly shaping global supply chains and advanced industrial development
Mr Cardoso emphasised that Nigeria’s immense natural and human resource potential can only be fully realised through prudence, strategic coordination, and long-term planning. He highlighted the need for strict adherence to internationally recognised standards, stressing that institutional credibility depends on strong governance frameworks.
On her part, the Executive Secretary of the Solid Minerals Development Fund (SMDF), Mrs Fatima Umaru Shinkafi, highlighted that the successful delivery of LBMA standard gold demonstrates the strength of the organisation’s formalisation framework and supply chain due diligence processes.
The World Gold Council’s Director of Central Banks and Public Policy, Ms Kurtulus Taskale Diamondopoulos, commended both the CBN and SMDF for designing the Nigerian Gold Purchase Programme (NGPP) in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing.
She noted that the partnership between the CBN as sole off-taker and the SMDF as fiscal and supply chain manager offers a strong model for other countries seeking to strengthen similar programmes.
The President and CEO of the Africa Finance Corporation (AFC), Ms Samaila Zubairu, reaffirmed AFC’s commitment to financing and formalising Nigeria’s mineral sector, stressing the importance of accurate data and mineral processing infrastructure to attract investment, improve gold recovery, reduce environmental impact and support central bank purchases.
Also speaking, the Executive Vice Chairman of Kian Smith Gold Company, Ms Nere Emiko, underscored the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges, noting the country’s low reserve levels relative to peers and calling for greater investment in exploration and transparency.
The Domestic Gold Purchase Programme forms part of the central bank’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
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