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Home Markets Commodities

CBN’s gold reserves gain over N1 trillion in 2024 as prices hit record levels

Tobi Tunji by Tobi Tunji
May 2, 2025
in Commodities, Financial Services, Markets
Gold
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The Central Bank of Nigeria (CBN) has reported that the value of its gold reserves rose to N2.77 trillion as at 31 December 2024, up from N1.28 trillion recorded at the end of 2023.

This was disclosed in the apex bank’s audited financial statement for the 2024 financial year.

Although the volume of gold holdings remained unchanged at 687,402 troy ounces, the increase in value was driven by a sharp rise in global gold prices.

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The CBN valued its gold bullion at a market price of $2,624.39 per ounce as at the end of 2024, compared to $2,062.98 per ounce in the previous year.

The rise in gold reserves mirrors a broader trend globally, as central banks ramped up gold purchases in 2024 amid concerns over inflation, currency volatility, and economic uncertainty.

Global gold demand supports valuation 

According to the World Gold Council’s Gold Demand Trends report for 2024, global gold demand, including over-the-counter investment, rose by one per cent to 4,974 tonnes, setting a new annual record. Central banks contributed significantly to this demand, purchasing over 1,000 tonnes for the third consecutive year.

The report noted that the London Bullion Market Association (LBMA) gold price averaged $2,386 per ounce in 2024, marking a 23% increase from 2023. In the fourth quarter alone, the average price rose to $2,663 per ounce, contributing to a surge in the market value of central banks’ gold holdings.

The total value of global gold demand reached an all-time high of $382 billion in 2024, reflecting the combined impact of higher prices and sustained buying across different sectors.

CBN strengthens reserve portfolio 

The CBN’s audited accounts also showed that Nigeria’s total external reserves grew to N54.73 trillion at the end of 2024, up from N29.98 trillion recorded in 2023.

Gold reserves accounted for approximately 5.1% of the total external reserves, compared to about 4.3 per cent in the previous year.

The CBN’s increased reliance on gold signals a deliberate diversification away from traditional currency reserves, providing a hedge against dollar volatility and global financial risks.

With projections indicating that central banks may continue to accumulate gold in 2025, Nigeria’s position appears aligned with a broader global trend towards securing reserve assets in tangible, inflation-resistant forms.

What you should know 

As of December 31, 2024, Nigeria’s net foreign exchange reserves stood at $23.11 billion, marking the highest level recorded in over three years.

This represents a sharp recovery compared to $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

  • In addition to the improvement in net reserves, the country’s gross external reserves also rose to $40.19 billion by the end of 2024, up from $33.22 billion at the close of the previous year.
  • The rise in Nigeria’s reserves has been attributed to several key factors. One major contributor was the Central Bank of Nigeria’s decision to reduce exposure to short-term foreign exchange obligations, including swaps and forward contracts, which previously weighed heavily on the net reserve position.
  • There was also a notable uptick in foreign exchange inflows from non-oil sectors, helping to strengthen the reserve base and reduce reliance on oil earnings.

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Tags: 2024 audited financial statementsCBNCBN’s gold reserves
Tobi Tunji

Tobi Tunji

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