The Central Bank of Nigeria (CBN) held 21.38 tons of Gold reserves valued at $1.25 billion at the end of 2022, according to its recently released annual financial statement.
The Gold bullion is a monetary gold which consist of 687,402 troy ounces or about 21.38 tons of gold at the indicative market price of USD1824.02 per ounce.
Monetary gold is gold to which the Bank as a monetary authority has title to and is held as a reserve asset.
The CBN stash of Gold Reserves remained the same compared to 2021 levels. Heightened geopolitical and economic uncertainty have pushed central banks to diversify their reserves.
The World Gold Council expects central banks to keep adding to their holdings, although at a slower pace than last year when demand surged after the US sanctioned Russia’s reserves following its invasion of Ukraine.