Zamfara to supply gold to CBN for N5bn

The Central Bank of Nigeria (CBN) will give the Zamfara State Government N5 billion to supply gold to the apex bank, Governor Bello Muhammad Matawalle, has disclosed. He said his administration had established a gold reserve for the state. “This strategic decision is part of the effort to prop up the economy of the state […]

The Central Bank of Nigeria (CBN) will give the Zamfara State Government N5 billion to supply gold to the apex bank, Governor Bello Muhammad Matawalle, has disclosed.

He said his administration had established a gold reserve for the state.

“This strategic decision is part of the effort to prop up the economy of the state and guarantee the economic and social wellbeing of our people now and in the future. It is also the first of its kind by any state in the federation.

“For a start, we have purchased 31 kilogramme of gold, wholly mined and refined by our artisanal miners. We will subsequently continue to buy gold from our local miners so as to gradually improve the reserve. The precious metal would be deposited in a bank.

“Even though our state like other states of the federation is grappling with competing demands from the public and the resources at our disposal are meagre, we feel it is of utmost significance to invest in the future of our people,” Governor Matawalle said.

He further explained that the recent collapse of the oil market had further shown the need to diversify the state’s economy as a safeguard from the uncertainties of the market.

“The establishment of the gold reserve, therefore, is part of the relentless effort by my administration to diversify the state’s economy.”