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Africa’s Top Oil Producer Aims to Fight Soaring Inflation with Gold Reserves

Africa’s Top Oil Producer Aims to Fight Soaring Inflation with Gold Reserves

Nigeria, the biggest oil producer in Africa, is considering ways to curb soaring inflation, including by giving the central bank powers to use gold to boost reserves. Nigerian lawmakers are discussing a bill to create a so-called Gold Reserve Authority and give the central bank the powers to be the automatic off-taker for all the gold produced in Nigeria, according to a draft document seen by Bloomberg.  Lawmakers are also proposing boosting the share of gold of Nigeria’s foreign reserves to a minimum of 30%, compared to 4% at present. …

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