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. …
