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With the addition of ethically sourced gold that has been processed to London Bullion Market Association (LBMA) Good Delivery standards, the Central Bank of Nigeria (CBN) has increased its foreign reserves to $3.5 billion.
In addition to calling for stricter legal and enforcement measures to stop the growing number of Ponzi scams in Nigeria, the Senate yesterday sought to reposition the CBN as the coordinating body for the regulation of the nation’s rapidly growing fintech industry.
The central bank’s continuous strategy to diversify its reserve portfolio and improve financial stability is highlighted by the foreign reserves transfer.
According to a statement released yesterday, Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), revealed this during a one-day workshop on “Strategies to Maximize the Economic Benefits of Minerals in Nigeria.”
Under the National Gold Purchase Programme (NGPP), the Solid Minerals Development Fund (SMDF) collected the gold, which was sourced domestically.
The project involves local miners and follows globally accepted responsible sourcing guidelines, such as the London Principles of the World Gold Council and the Due Diligence Guidelines of the Organization for Economic Co-operation and Development (OECD).
Cardoso also revealed that the CBN purchased the monetary-grade gold in Naira at prices based on LBMA benchmarks, a framework intended to protect Nigeria’s foreign exchange assets while bolstering the country’s gold reserves.
He claimed that the deal improves reserve accretion and promotes more general macroeconomic stability goals by buying domestically processed gold without using foreign currency.
Cardoso also emphasized significant changes in international reserve management practices, pointing out their growing significance in the face of escalating economic unpredictability.
According to him, the incident is a testament to Nigeria’s collective dedication to the strategic and prudent management of its mineral resources. He emphasized that the workshop highlighted the country’s preparedness to adjust to the realities of a changing global economy, where wise governance, diversification, and resilience have become increasingly important.
He went on to say that the purpose of the meeting, which was organized by the Reserve Management and Corporate Secretariat departments of the CBN, was to deepen understanding of the current state of the gold industry, its opportunities, and its challenges throughout its value chain.
“In the face of ongoing geopolitical and market uncertainties, central banks worldwide are prioritizing economic resilience,” he continued.
He claimed that while other essential commodities are increasingly influencing global supply chains and sophisticated industrial development, gold has regained significance as a hedge against volatility and inflation.
Cardoso emphasized that only caution, strategic collaboration, and long-term planning could fully realize Nigeria’s enormous potential for natural and human resources.
He emphasized the necessity of rigorous adherence to globally accepted standards, emphasizing that robust governance structures are necessary for institutional credibility.
The effective delivery of LBMA grade gold, according to Hajiya Fatima Umaru Shinkafi, Executive Secretary of the Solid Minerals Development Fund (SMDF), shows how strong the organization’s formalization structure and supply chain due diligence procedures are.
Ms. Kurtulus Taskale Diamondopoulos, Director of Central Banks and Public Policy for the World Gold Council, praised the CBN and SMDF for creating the Nigerian Gold Purchase Programme (NGPP) in accordance with the twelve London Principles for ethical artisanal and small-scale gold sourcing.
She pointed out that the collaboration between the SMDF as the fiscal and supply chain manager and the CBN as the sole off-taker provides a solid model for other nations looking to bolster comparable initiatives.
Mr. Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC), reiterated AFC’s dedication to funding and formalizing Nigeria’s mineral industry, emphasizing the significance of precise data and mineral processing infrastructure to draw investment, enhance gold recovery, lessen environmental impact, and facilitate central bank purchases.
Speaking as well, Ms. Nere Emiko, Executive Vice Chairman of Kian Smith Gold Company, emphasized the critical need for Nigeria to develop strategic gold reserves and utilize commodity exchanges, pointing out the nation’s low reserve levels in comparison to peers and urging increased investment in exploration and transparency.
Emiko reaffirmed that the Central Bank’s larger plan to improve reserve quality, lessen external vulnerabilities, and establish Nigeria’s mineral riches as a cornerstone of long-term economic stability includes the Domestic Gold Purchase Program.
The Senate orders a crackdown on Ponzi schemes and moves to make CBN the top fintech regulator.
In the meantime, the Senate yesterday sought to reestablish the CBN as the coordinating body for the regulation of Nigeria’s rapidly growing fintech industry while also calling for stricter laws and enforcement actions to stop the nation’s Ponzi scheme epidemic.
During a one-day public hearing held at the National Assembly to examine the Banks and Other Financial Institutions Act (Amendment) Bill 2025 (SB. 959) and to look into the activities of fraudulent investment platforms, specifically in relation to the recent Crypto Bullion Exchange (CBEX) incident, the twin resolutions were introduced.
The Senate Committees on Banking, Insurance and Other Financial Institutions; ICT and Cyber Security; Capital Market; and Anti-Corruption and Financial Crimes jointly organized the hearing, which demonstrated lawmakers’ resolve to strengthen Nigeria’s financial regulatory framework in the face of the country’s swift digital transformation and rising financial fraud.
The amendment bill aims to strengthen the current provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 by specifically bringing technology-enabled financial service providers under clearer statutory supervision, according to Senator Mukhail Adetokunbo Abiru, chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions.
According to Abiru, the legal and regulatory framework has not changed at the same rate as the growth and systemic significance of fintech companies, such as mobile money operators, digital lenders, payment platforms, and settlement firms, which have greatly expanded financial inclusion and currently serve millions of Nigerians.
He claims that the existing system for identifying Systemically Important Financial Institutions is still primarily bank-focused and fails to sufficiently take into account the realities of big, data-driven, non-bank financial platforms.
He cautioned that national security, consumer protection, data sovereignty, and financial stability are all at risk due to this regulatory void.
According to him, the proposed amendment would give the CBN the authority to identify qualifying fintechs and digital financial institutions as Systemically Important Institutions, create a national registry to improve beneficial ownership disclosure and transparency, bolster risk-based oversight specific to technology-driven services, and encourage systemic stability within the larger financial ecosystem.
Abiru vehemently disagreed with proposals from some quarters to establish an independent fintech regulatory body. He contended that the creation of a new organization would result in the duplication of current duties, bureaucratic overlap, higher administrative expenses, and the fragmentation of regulatory authority in an industry that requires collaboration and coherence.
“Monetary policy, payments oversight, prudential supervision, Know-Your-Customer and Anti-Money Laundering enforcement, and systemic risk monitoring, functions that already reside within the Central Bank, are closely linked to Fintech regulation,” he stated.
Strengthening BOFIA and updating the CBN’s oversight authority, he continued, while requiring organized cooperation with organizations like the Federal Competition and Consumer Protection Commission, the Nigerian Communications Commission, the Securities and Exchange Commission, the National Information Technology Development Agency, the Corporate Affairs Commission, the Office of the National Security Adviser, and the Federal Ministry of Finance, is a more cogent course of action.
The engagement was called in accordance with the Senate’s constitutional mission to protect the stability, integrity, and resilience of Nigeria’s financial system, according to Senate President Godswill Akpabio, who was represented at the hearing by Senate Leader Opeyemi Bamidele.
He referred to the financial system as the foundation of every contemporary economy, pointing out that it mobilizes savings, distributes credit, makes payments easier, encourages entrepreneurship, and propels economic expansion when it is properly controlled and overseen.
Akpabio emphasized that the realities of contemporary finance, where innovation must function within precisely defined legal boundaries that ensure consumer protection, cybersecurity, operational resilience, and transparency, are reflected in the inclusion of technology-enabled financial service providers within an enhanced supervisory framework.
The Senate focused a great deal of attention on Ponzi schemes and fraudulent digital investment platforms in addition to fintech regulation, characterizing them as a serious threat to public trust and economic stability.
On the occasion, lawmakers used the collapse of CBEX as a sobering reminder of the terrible human and financial costs associated with such scams. Young professionals, retirees, traders, small business owners, and students all incurred significant losses as a result of being seduced by promises of unattainable profits, according to reports submitted during the hearing.
Beyond causing personal suffering, the Senate cautioned that Ponzi schemes undermine confidence in reputable financial institutions, skew capital distribution, harm Nigeria’s financial standing, and increase vulnerability to money laundering and illegal financial flows.
According to Akpabio, the investigation hearing’s objectives were to determine if current laws sufficiently handle digital and cross-border financial crimes, identify regulatory and enforcement loopholes, and evaluate coordination among pertinent institutions.
The CBN, the Nigerian Deposit Insurance Corporation, the Federal Competition and Consumer Protection Commission, the Nigerian Communications Commission, the Economic and Financial Crimes Commission, the Ministry of Finance Incorporated, and the Chartered Institute of Bankers of Nigeria were among the stakeholders who presented their arguments during the hearing.
Even though they suggested some changes to the measure before it was finally passed, they were all in favor of it.
In order to implement evidence-based changes that strengthen confidence in Nigeria’s banks, regulators, and financial markets, the Senate promised to thoroughly examine all memoranda and recommendations.
The Senate demonstrated its determination to fortify Nigeria’s financial system and shield individuals from exploitation in an increasingly digital economy by tightening the noose on Ponzi operators and unifying fintech oversight under the CBN.
