Nigeria foreign reserve don increase as Central Bank of Nigeria (CBN) tok say di value of dia gold wey dem buy don reach around $3.5 billion.

CBN yarn say dem collect gold wey dem source well-well and wey meet international standard. For statement wey dem release, di apex bank tok say dem source di gold for inside Nigeria and refine am to meet di Good Delivery standard of London Bullion Market Association (LBMA), wey be di top benchmark for gold quality and trading for worldwide.

According to CBN, dem gather di gold through Solid Minerals Development Fund (SMDF) under National Gold Purchase Programme. Dis programme dey work with local miners and dey follow guidelines wey match international standard from Organisation for Economic Co-operation and Development (OECD) and World Gold Council.

Wen CBN Governor, Olayemi Cardoso, dey yarn for one workshop on how to take maximize economic benefits from minerals for Nigeria, e tok say di apex bank buy di gold with naira using prices wey connect to LBMA benchmarks.

Cardoso yarn say di way dem structure di transaction make Nigeria fit strengthen dia gold reserve without using foreign currency.

"Di Central Bank take naira buy di monetary-grade gold with pricing wey connect to LBMA benchmarks. Di arrangement na to protect Nigeria foreign exchange holdings while we dey strengthen di nation gold reserves," e yarn.

E explain say to buy gold wey dem refine for inside Nigeria without using foreign currency go help improve di country reserve position and support overall economic stability.