CBN announces $3.5bn gold reserves despite naira’s freefall against US dollar

The Central Bank of Nigeria, CBN, has announced that the country’s full golden holdings reached $3.5 cardinal contempt the escaped autumn of the naira against the dollar astatine the authoritative overseas speech market.

A connection by the apex slope connected Thursday said the golden was sourced locally successful Nigeria and aggregated by the Solid Minerals Development Fund, SMDF, nether the National Gold Purchase Programme, NGPP.

Commenting connected the development, CBN Governor Olayemi Cardoso said that the apex slope acquired the monetary-grade golden successful naira, with pricing linked to London Bullion Market Association, LBMA, benchmarks.

This comes arsenic DAILY POST reports the naira sustained its depreciation streak against the dollar, dipping by N37.85 successful the past 9 days to basal astatine N1,387.09/$ connected Wednesday.

CBN announces $3.5bn golden reserves contempt naira’s freefall against US dollar