Senator Natasha Calls For Increased Gold Storage Capacity In Nigeria

Senator Natasha Calls For Increased Gold Storage Capacity In Nigeria

Senator Natasha Akpoti-Uduaghan, representing Kogi Central senatorial district, has called on the Central Bank of Nigeria (CBN) to significantly increase its gold reserve storage. This plea was made during a meeting of the Senate Committee on Banking, Insurance, and other Financial Institutions, where the screening of CBN board members took place on Wednesday……...CONTINUE READING

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Senator Akpoti-Uduaghan highlighted the importance of adopting tangible measures for storing the country’s currency, a practice commonly observed in developed nations worldwide. Expressing concern about the absence of a designated facility for processing, refining, and storing gold by the Central Bank vault, she drew attention to the substantial gold reserves held by Western Euro Central Bank, North America, Central Eastern Euro, and Asia.

The lawmaker recommended a shift towards storing currency in tangible measures to imbue it with inherent value, citing examples of African countries like Algeria, Libya, Egypt, Jordan, and Morocco that have established gold reserves.

In response to Senator Natasha’s proposition, Lamido Abubakar Yuguda, the Director General of the Securities & Exchange Commission (SEC) and a nominee for the CBN board, acknowledged Nigeria’s possession of gold reserves but noted that they were relatively small. Yuguda, who previously oversaw the gold reserve during his tenure as a director in CBN, supported the call for storing currency in tangible measures. He revealed that Nigeria’s current gold reserves date back to purchases made in the 1960s.

Yuguda emphasized that Nigeria’s gold reserve is considerably smaller compared to other countries, including the United States and some African nations. He shed light on the role of his department in ensuring the existence of the gold reserve and suggested the need for the CBN to enhance its efforts in this regard.

The discussion underscores the potential benefits of increasing Nigeria’s gold reserve, aligning it with global practices and bolstering the intrinsic value of the country’s currency.

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