Gold

Nigeria unveils a gold acquisition plan that channels locally mined gold into its foreign reserves, aiming to ease pressure on the naira and curb dollar demand.

Nigeria’s government has announced a new strategy to strengthen its foreign reserves by purchasing locally mined gold, a move officials say will reduce the country’s dependence on the U.S. dollar and stabilize the naira.

The initiative, launched in August under the supervision of the Solid Minerals Development Fund (SMDF), allows the government to acquire gold from local miners using the naira rather than foreign currency. Once purchased, the gold is deposited directly into the …