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  • News - North Central - FCT
  • Updated: June 24, 2024

Nigeria enhances foreign reserves with $5 Million from inaugural gold sales

Nigeria enhances foreign reserves with $5 Million from inaug

Nigeria has bolstered its foreign reserves with $5 million from the first commercial transaction conducted under the National Gold Purchase Programme, NGPP,. 

Dele Alake, the Minister of Solid Minerals, announced the development on Sunday via a post on his X handle.

“I am proud to announce that this first commercial transaction has resulted in a substantial increase of over $5 million in Nigeria’s foreign reserves assets,” Alake stated. 

He further noted that “the bars were sourced from artisanal and small gold miners and refined by an agency of our Ministry, the Solid Minerals Development Fund.”

The National Gold Purchase Programme operates as a centralized offtake scheme supported by a decentralized network of artisanal and small-scale miners and cooperatives, according to Alake.

He added that the initial commercial trade led to the refinement of over 70 kilograms of gold to meet the London Bullion Market Good Delivery Standard.

This process has successfully aggregated locally mined gold and injected around NGN6 billion into the rural economy.

The minister also mentioned that these gold bars would soon be sold to the Central Bank of Nigeria to further strengthen the nation’s foreign reserves.

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