₦airaland Forum

The Central Bank of Nigeria (CBN) has reported that the value of its gold reserves rose to N2.77 trillion as at 31 December 2024, up from N1.28 trillion recorded at the end of 2023.

This was disclosed in the apex bank’s audited financial statement for the 2024 financial year.

Although the volume of gold holdings remained unchanged at 687,402 troy ounces, the increase in value was driven by a sharp rise in global gold prices.

The CBN valued its gold bullion at a market price of $2,624.39 per ounce as at the end of 2024, compared to $2,062.98 per ounce in the previous year.

The rise in gold reserves mirrors a broader trend globally, as central banks ramped up gold purchases in 2024 amid concerns over inflation, currency volatility, and economic uncertainty.


Global gold demand supports valuation

According to the World Gold Council’s Gold Demand Trends report for 2024, global gold demand, including over-the-counter investment, rose by one per cent to 4,974 tonnes, setting a new annual record.

Central banks contributed significantly to this demand, purchasing over 1,000 tonnes for the third consecutive year.

The report noted that the London Bullion Market Association (LBMA) gold price averaged $2,386 per ounce in 2024, marking a 23% increase from 2023. In the fourth quarter alone, the average price rose to $2,663 per ounce, contributing to a surge in the market value of central banks’ gold holdings.

The total value of global gold demand reached an all-time high of $382 billion in 2024, reflecting the combined impact of higher prices and sustained buying across different sectors.


CBN strengthens reserve portfolio

The CBN’s audited accounts also showed that Nigeria’s total external reserves grew to N54.73 trillion at the end of 2024, up from N29.98 trillion recorded in 2023.

Gold reserves accounted for approximately 5.1% of the total external reserves, compared to about 4.3 per cent in the previous year.

The CBN’s increased reliance on gold signals a deliberate diversification away from traditional currency reserves, providing a hedge against dollar volatility and global financial risks.

With projections indicating that central banks may continue to accumulate gold in 2025, Nigeria’s position appears aligned with a broader global trend towards securing reserve assets in tangible, inflation-resistant forms.

PressMyButton:
I could remember the President inaugurating this last year. When Cardoso talked about storing up gold as external reserves, some wailers were kicking. We should store up more gold bars, it's more stable and reliable than the dollar.

PressMyButton:
I could remember the President inaugurating this last year. When Cardoso talked about storing up gold as external reserves, some wailers were kicking. We should store up more gold bars, it's more stable and reliable than the dollar.



After God, na Tinubu 💪 God bless Nigeria

jmoore:
We should stop using naira na.....

Tinubu should declare gold as our national currency.

jmoore:
We should stop using naira na.....

Tinubu should declare gold as our national currency.

2mch:
Nigeria need to be storing as much gold as possible now. The west are doing that right now because once the world goes through recession, na who get gold go get wealth. Ghana and Burkina is doing the same as the world is racing toward financial instability. Government need to get a hold of the gold mining in the country and significantly boost those reserves of all its minerals for our future. No let foreigners come and mine anyhow and steal.

PresidObi:
They couldn't keep the monies they met in the treasury, they stole all.

They couldn't even keep the monies they kept borrowing from China, IMF, World bank and even South Sudan.

It's pure gold they can put in their pocket they will keep?

We are not APC people, our brain is still working well.

PressMyButton:
If we call these people Illiterates now, they will quickly ban us.

PressMyButton:
I could remember the President inaugurating this last year. When Cardoso talked about storing up gold as external reserves, some wailers were kicking. We should store up more gold bars, it's more stable and reliable than the dollar.



After God, na Tinubu 💪 God bless Nigeria

PressMyButton:
No wonder, you will easily know people whose fake leader stole Anambra's funds and hid it in his daughter's name in Panama - the famous Pandöra man.

2mch:
Nigeria need to be storing as much gold as possible now. The west are doing that right now because once the world goes through recession, na who get gold go get wealth. Ghana and Burkina is doing the same as the world is racing toward financial instability. Government need to get a hold of the gold mining in the country and significantly boost those reserves of all its minerals for our future. No let foreigners come and mine anyhow and steal.

PresidObi:
CBN gold reserves

If you believe this, you will believe your dad is the the father of your grand mum.

PressMyButton:
I could remember the President inaugurating this last year. When Cardoso talked about storing up gold as external reserves, some wailers were kicking. We should store up more gold bars, it's more stable and reliable than the dollar.



After God, na Tinubu 💪 God bless Nigeria

mamaafrik:
Dont be ignorant,The price of gold escalated from $2,062.98 per ounce in 2023 to $2,624.39 per ounce in 2024, despite the CBN maintaining its gold holdings at 687,402 troy ounces.


Unano dey reason?