Central Banks
Nigeria Lawmakers Want Central Bank to Fight Inflation With Gold
- Senators want central banker to chair new gold committee
- Africa’s largest oil producer seeks to diversify economy
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Nigerian lawmakers are proposing a dramatic increase in the central bank’s power to use gold to shore up the nation’s reserves in defense of the economy.
A draft bill before the Senate puts forward a raft of policies that would enshrine the bank as the automatic off-taker for all the gold produced in the country, alongside a goal to make the precious metal at least 30% of Nigeria’s external reserves.