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Nigeria gold prices hold steady at N178,000 per gram
Gold prices in Nigeria remain stable at approximately N178,000 per gram, despite a strengthening naira and a hawkish stance from the US Federal Reserve. This stability persists in major trading hubs including Lagos, Kano, and Abuja.
Local sellers maintain a domestic premium of 5% to 10% above international spot rates, which acts as a buffer against global economic shifts and currency fluctuations. Demand remains supported by retail jewelry buyers and those seeking private asset protection.
The Central Bank of Nigeria (CBN) continues to utilize its National Gold Purchase Program (NGPP) to buy domestic refined gold in naira. This initiative is designed to boost strategic foreign reserves and mitigate foreign exchange risks.
Entities
Abuja · Central Bank of Nigeria · Federal Ministry of Solid Minerals · Kano · Lagos
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Gold prices in Nigeria are holding steady at approximately N178,000 per gram. businesselitesafrica.com · nairametrics.com
- [● 2 SOURCES] Gold trading is concentrated in Lagos, Kano, and Abuja. businesselitesafrica.com · nairametrics.com
- [● 2 SOURCES] Local gold sellers apply a domestic premium of 5% to 10% above the international spot rate. businesselitesafrica.com · nairametrics.com
- [○ 1 SOURCE] The Central Bank of Nigeria's National Gold Purchase Program buys domestic refined gold to bolster foreign reserves. nairametrics.com