Gold price today in Nigeria (NGN)

Gold price in Nigeria: per gram in naira

Nigeria has no single official daily gold rate the way India does. Jewellers in Lagos, Kano and Abuja price per gram, usually for 18k and 21k jewellery, with 22k and 24k available from a smaller number of dealers. Today's conversion of the international price gives 171,444 NGN per gram for 24k and 128,583 NGN for 18k. In practice the quoted street price depends heavily on which naira rate is used, and that is the most important thing to understand about Nigerian gold prices.

The exchange rate is the whole story

For years the naira traded at an official rate and a very different parallel-market rate, and gold was priced off the parallel rate. Since the unification of the exchange-rate windows in 2023 the gap has narrowed, but the naira has depreciated a long way, and that depreciation, more than anything happening in London or New York, explains the rise in the naira gold price. The rate used on this page is a published mid-market rate; a dealer may use a higher one. When you compare a naira price with the dollar price, always ask what rate was used.

Artisanal mining, jewellery and savings

Nigeria produces gold, mostly through artisanal and small-scale miners in states such as Zamfara, Osun, Niger and Kebbi, and the federal government has tried to formalise the trade through licensed buying centres and refining initiatives. Locally mined gold reaches jewellers in Kano and Lagos, but import and export flows are opaque, so local supply can push prices above or below the conversion. Gold is bought for weddings and naming ceremonies, as a gift, and increasingly as a store of value by people who have watched the naira lose purchasing power. Small bars and coins are harder to find and come with larger premiums than in the Gulf.

Tax, duty and the risk of fakes

Import duty and VAT may apply to gold jewellery brought into or sold in Nigeria; the rules and their enforcement have changed, so we do not quote a percentage here. A more practical concern is purity. Hallmarking is not enforced the way it is in the UK or India, so buy from dealers who test in front of you and give a receipt stating the karat and weight. Prices that are far below the conversion on this page are a warning sign, not a bargain. For the global drivers of the dollar price, read what moves gold prices.

Trading hours in West Africa Time

Nigeria is on WAT (UTC+1) all year, which puts it in almost the same time zone as London. The London session opens in the morning and the London–New York overlap falls today at about 13:00–17:00 WAT, the most active window, when US data is released. Online gold trading (XAUUSD) is popular in Nigeria but largely unregulated locally; the SEC and CBN have issued warnings about unlicensed platforms. The Nigeria gold trading guide explains what to check, and the market hours tool shows every session in your time.

How this NGN gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,010.0 at the last update. Second, the exchange rate: 1 USD = 1,329.80 NGN. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,010.0 ÷ 31.1035 = $128.92.
2. Price per gram in NGN = $128.92 × 1,329.80 = 171,444 NGN (24k, pure gold).
3. Price per 10 grams = 171,444 × 10 = 1,714,438 NGN.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Nigeria, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions