Post #601

Nigeria’s Central Bank has raised gold reserves to $3.5bn through buying locally refined bullion. 🌐 The Central Bank of Nigeria says the gold was refined to internationalstandards and added to official reserves as part of a reserve diversification push. This reportedly brings the CBN’s total gold holdings to $3.5bn. 🔸 The bullion was aggregated by the Solid Minerals Development Fund, Nigeria’s fiscal vehicle for mining proceeds, and bought in naira at prices linked to London Bullion Market benchmarks. 🔸The CBN thus accumulates gold in this way, spending only the domestic currency that it issues itself. DRC, Ghana, Zimbabwe and many other nations also have similar policies. #News ✈️ Stay informed - @devilsbelow