Gold Price Today in Nigeria
Live market rates in NGN (₦). Spot XAU/USD benchmark: $3,996.90 / oz.
Nigeria Gold Price Table (NGN)
All Karats Breakdown| Weight Unit | Grams | 24K (Pure) | 22K (Jewelry) |
|---|---|---|---|
| 1 Gram | 1.00g | 170,359 | 156,163 |
| 8 Grams (1 Sovereign) | 8.00g | 1,362,873 | 1,249,301 |
| 10 Grams | 10.00g | 1,703,592 | 1,561,626 |
| 1 Tola / Bhori | 11.66g | 1,987,036 | 1,821,450 |
| 1 Troy Ounce | 31.10g | 5,298,763 | 4,857,199 |
| 100 Grams | 100.00g | 17,035,917 | 15,616,258 |
Market Accuracy & Pricing Methodology
Rates on CostGoldToday are calculated using direct international spot bullion benchmarks (LBMA / COMEX XAU/USD) converted via live interbank foreign exchange feeds. In physical jewelry markets across Nigeria, retail prices for ornaments may include making charges (wastage fees, typically 3% to 12%), local jeweler association margins, and applicable government tariffs or sales taxes.
Frequently Asked Questions About Gold in Nigeria
How much does 1 Tola of gold cost in Nigeria today?
Today, 1 Tola (11.66 grams) of 22K jewelry gold in Nigeria is approximately ₦ 156,163 NGN, while 24K pure bullion is around ₦ 170,359 NGN.
What is the difference between 24K and 22K gold?
24 Karat gold represents 99.9% pure gold, primarily bought as bullion bars and investment coins. 22 Karat contains 91.6% pure gold mixed with durable alloys, making it the ideal standard for everyday jewelry and wedding ornaments across Nigeria.
Why do retail jewelry store prices in Nigeria differ from international spot rates?
Physical retail prices at local jewelry bazaars in Nigeria typically include artisan crafting fees (making charges or wastage, usually 3% to 12%), local import tariffs, and applicable national taxes/VAT on top of the pure raw spot gold benchmark.