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Nigeria To Mine, Certify And Reserve Gold To Improve The Value Of Naira.

Thursday, 16th July, 2020.

1 USD exchanged for 388.0244 Naira today as against N360 it was before COVID-19 creeped into Nigeria with an economic devastating blow, which affected the value of the Naira, the Nigerian currency.

Following the development, Dr Uche Ogah, the Minister of State, Mines and Steel Development, who is in charge of Artisenal Mining today at The Presidential Villa, made history as he presented the first indigenous gold bar to President Muhammadu Buhari, under The Presidential Artisenal Gold Mining Development Initiative (PAGMDI). 

The initiative (PAGMDI) was designed to organize, formalise and integrate artisanal gold miners into the country’s legal, economic, and institutional framework for the diversification of the Nigerian economy and would now serve as another way the Buhari administration would tackle the sharp falling of the Nigerian currency against the dollar and other international currencies.

With this initiative, gold mined in Nigeria will now be beneficiated, certified and reserved with the Central Bank Of Nigeria (CBN) to improve the reserved value of Nigeria's currency and the general wellbeing of artisenal miners in Nigeria.

The presentation took place at the Council Chambers of the State House, Abuja, and was witnessed by Vice President Yemi Osinbajo; Secretary to the Government of the Federation, Boss Mustapha; Chief of Staff to the President, Ibrahim Gambari; the governor of Kaduna State Nasir El-Rufai, his Kebbi State counterpart Bagudu Atiku, Osun State governor Gboyega Oyetola and Deputy of Zamfara, Mahdi Gusau.

Also at the event were: the Governor of the CBN, Godwin Emefiele, the Executive Secretary, Solid Minerals Development Fund (SMDF), Fatima Shinkafi, the Minister of Mines and Steel Development, Olamilekan Adegbite, and a host of virtual guests.

The Central Bank of Nigeria (CBN) presented a cheque of N268 million for the locally refined international standard 12.5kg gold bar presented during the event.

Content created and supplied by: IPoliticus (via Opera News )

Mines and Steel Development Muhammadu Buhari Naira The Presidential Villa Uche Ogah

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