ABUJA — THE Minister of Solid Minerals Development, Dr. Dele Alake, has said that Nigeria’s refined gold would be sold to the Central Bank of Nigeria to bolster foreign reserves and to meet the The Minister also commended President Bola Tinubu for supporting reforms in the solid minerals sector assuring that the National Gold Purchase programme will increase the country’s reserve and boost the naira’s value.
According to him, “The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Programme’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy.underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.
“This is another concrete step towards the diversification process under the Renewed Hope Agenda” the President said. “Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London” she said.