Nigeria refines own gold, starts stockpiling in reserve

Nigeria has, for the first time, refined its own gold and purchased the refined product into a new gold reserve.
 
On Thursday, the Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country’s first artisanally-mined and refined gold. The cheque was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) on Thursday at the launch of the gold purchase programme in Abuja.
 
The 12.5kg gold bar was processed and refined according to the London Bullion Market Association (LBMA) standards required for the use of gold as a reserve instrument by the CBN, officials said…
 
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