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

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Africa’s Top Oil Producer Aims to Fight Soaring Inflation with Gold Reserves
source : OILPRICE ( Middle East ) () 30
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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