Nigeria’s Central Bank Says Gold Reserve Rose to N2.77tn in Dec 2024

Sat May 03 2025

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

This development, which forms part of the apex bank’s newly released audited financial statements for the 2024 fiscal year, underscores not only a rebound in the valuation of Nigeria’s reserve assets but also marks a notable shift in the CBN’s asset management strategy amid volatile global economic conditions.

Crucially, the report comes at a time when the Central Bank is declaring its first annual profit in years, signaling a rare moment of financial stability after prolonged periods of operational deficits and controversial fiscal maneuvers. According to the financial statement, the CBN recorded a profit of N103.8 billion for the 2024 financial year, a marked turnaround from a loss of N498.2 billion reported in 2023. The bank also reported a comprehensive income of N1.67 trillion for the year under review, reversing a negative figure of N832 billion in the previous year.

Although the volume of the CBN’s gold holdings remained unchanged at 687,402 troy ounces, the dramatic increase in valuation was fueled by a sharp rise in global gold prices. The bank priced its gold bullion at $2,624.39 per ounce as of December 2024, up from $2,062.98 per ounce at the end of 2023. This surge in price mirrored trends seen across global markets, where gold was in high demand among central banks and institutional investors.

The rising value of gold reserves coincides with a broader global trend that saw central banks increase their gold purchases in 2024 in response to inflation fears, currency volatility, and geopolitical uncertainty. According to the World Gold Council’s Gold Demand Trends report for 2024, total global demand for gold, including over-the-counter investments, rose by one percent to 4,974 tons, setting a new all-time high. For the third consecutive year, central banks accounted for over 1,000 tons of this demand, reinforcing gold’s status as a safe-haven asset.

The London Bullion Market Association (LBMA) reported that the average gold price in 2024 stood at $2,386 per ounce, representing a 23% increase over the previous year. In the fourth quarter alone, gold prices averaged $2,663 per ounce, sharply boosting the market value of gold holdings in central bank vaults worldwide. The total market value of global gold demand reached $382 billion in 2024, driven by high prices and sustained buying interest across sectors ranging from monetary authorities to private investors.

Source: https://www.tekedia.com/