The Central Bank of Nigeria, CBN, has announced that the country’s total gold holdings reached $3.5 billion despite the free fall of the naira against the dollar at the official foreign exchange market.

A statement by the apex bank on Thursday said the gold was sourced locally in Nigeria and aggregated by the Solid Minerals Development Fund, SMDF, under the National Gold Purchase Programme, NGPP.

Commenting on the development, CBN Governor Olayemi Cardoso said that the apex bank acquired the monetary-grade gold in naira, with pricing linked to London Bullion Market Association, LBMA, benchmarks.

This comes as DAILY POST reports the naira sustained its depreciation streak against the dollar, dipping by N37.85 in the past nine days to stand at N1,387.09/$ on Wednesday.