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Nigeria plans to bring gold reserves home to minimize risk
... But has Nigeria actually gotten its metal back yet?
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By Mike Maharrey
Money Meals News Service, Eagle, Idaho
Monday, July 1, 2024
Even Nigeria is now bringing its gold reserves home to keep it safe from the West.
According to a report by The Star, Nigerian officials decided to repatriate the country's gold in April "to mitigate risks associated with the weakening U.S. economy."
... Dispatch continues below ...
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"Economic indicators such as rising inflation, escalating debt levels, and geopolitical tensions have raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system."
Nigeria holds about 21 tons of gold in its reserves.
Economist Fatima Abubakar called the gold repatriation plan "a strategic decision," and that the country was taking "proactive measures to safeguard its wealth and strengthen its financial resilience."
Nigerian officials also said bringing gold home would reflect the country's self-reliance. ...
... For the remainder of the report:
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