Gold Price Today in Nigeria
Today's Gold Prices in Nigeria - All Karats Live
The following are raw gram prices for the gold price in Nigeria (before making charges), showing the sell price (what you pay when buying) and the buy price (what you get when selling to a shop).
| Karat | Buy Price | Sell Price | Daily Change |
|---|---|---|---|
| 24k | 206,149.94 NGN | 217,211.64 NGN | ▲ 1,445.63 (+0.67%) |
| 22k | 188,970.77 NGN | 199,110.67 NGN | ▲ 1,325.16 (+0.67%) |
| 18k | 154,612.46 NGN | 162,908.73 NGN | ▲ 1,084.22 (+0.67%) |
| Ounce | 6,411,984.66 NGN | 6,756,042.24 NGN | ▲ 44,964.22 (+0.67%) |
Last updated: 20:55 - 24 August 2026
Gold Performance in Nigeria Over Last Year
Gap Between Gold Price in Nigeria and the Global Price
The table below shows the difference between the displayed local price and the raw global spot price for the same quantity in USD. This is a different indicator from the shop-level "buy/sell spread," since it compares the local price to the pure global price rather than yesterday's price.
| Karat | Local Price | Global Equivalent | Difference |
|---|---|---|---|
| 24k | 217,211.64 NGN | 201,121.89 NGN | +16,089.75 NGN |
| 22k | 199,110.67 NGN | 184,361.73 NGN | +14,748.94 NGN |
| 18k | 162,908.73 NGN | 150,841.42 NGN | +12,067.31 NGN |
Popular Bullion Bars in Nigeria
| Bar | Weight (g) | Price |
|---|---|---|
| 1g Bar | 1 | 221,555.87 NGN |
| 5g Bar | 5 | 1,102,349.07 NGN |
| 10g Bar | 10 | 2,198,181.80 NGN |
| 50g Bar | 50 | 10,969,187.82 NGN |
Gold Performance in Nigeria - Long Term
Terms Worth Knowing Before You Buy Gold
- What is a troy ounce?
- The troy ounce is the standard global unit used in gold trading on every exchange worldwide, and it equals exactly 31.1035 grams.
- What is the difference between buy and sell price?
- The sell price is what you pay when acquiring gold from a shop, while the buy price is what you receive when selling your jewelry back to the same shop, with the gap representing the dealer's margin.
- What does the karat number mean?
- The karat number indicates the proportion of pure gold in a piece out of 24 parts, so 21k means 21 parts pure gold out of 24, or 87.5% purity.
Market Analysis
The Nigerian Naira has seen sharp swings following the currency float policy adopted by the government in recent years, making local gold prices more volatile day-to-day compared to more monetarily stable neighboring African economies like South Africa.
Unlike most Asian and Gulf markets, Nigeria lacks a nationwide mandatory hallmarking system, making dealing with certified traders an important step for verifying piece purity before any purchase.
Nigeria holds underexploited gold reserves in states like Zamfara and Osun, and despite recent government efforts to regulate informal artisanal mining, a significant share of local production still moves outside official marketing channels.
18k is the most traded standard in everyday Nigerian jewelry, while 22k is common for major occasions, a pattern reflecting historical British influence from the colonial period.
Frequently Asked Questions
Why does Nigeria's gold price change so quickly?
Due to sharp Naira volatility following the currency float policy, creating greater daily price movement than more stable currencies.
Is there a mandatory hallmarking system in Nigeria?
No nationwide mandatory system exists, so dealing with certified traders is an important step for verifying purity.
What's the most common gold karat in Nigeria?
18k is most traded in everyday jewelry, while 22k is common for major occasions.