Home Business CBN pays N268m for Nigeria’s first artisanally mined gold bar

CBN pays N268m for Nigeria’s first artisanally mined gold bar

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The Central Bank of Nigeria (CBN) paid the sum of N268.6 million to purchase a 12.5kg gold bar, Nigeria’s first artisanally-mined gold processed and refined, according to the London Bullion Market Association (LBMA) standards. 
President Muhammad Buhari had  Thursday virtually launched the Presidential Artisanal Gold Mining Initiative (PAGMI) at the Council Chambers of the State House Abuja. 

The apex bank presented a cheque for that amount to PAGMI. The gold now belongs to Nigeria’s External Reserves.
With PAGMI, CBN will be able to boost gold reserves with naira, not dollars.
President Buhari had, during the launch, said improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500 million annually in royalties and taxes to the Federal Government.
“With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work. 
“These operations will help in diversifying our revenue base,” the President noted.
Buhari added that the sale of gold by artisanal miners and SMEs at accredited centers will help the government in realising royalties and taxes from the sale of these assets.
These developments, according to him, will also help in improving Nigeria’s foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.

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