Gold prices in Nigeria fall to N180,000 per gram

Retail gold prices in Nigeria have declined to approximately N180,000 per gram, including standard retail markup fees. This downward trend marks a significant shift from earlier in the year when prices frequently exceeded the N200,000 mark.

The price correction is driven by two primary factors: the strengthening of the Nigerian Naira against the US Dollar and the monetary policy stance of the US Federal Reserve. As the Naira appreciates at the official foreign exchange window, the local cost of importing gold—a commodity priced globally in dollars—decreases.

Simultaneously, the US Federal Reserve’s hawkish approach to inflation has maintained high interest rates, which typically reduces the appeal of gold as a non-yielding asset. In major Nigerian bullion hubs such as Lagos, Kano, and Abuja, vendors apply local premiums ranging from 5% to 10% to the spot price to cover operational costs and margins.