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2 clusters · 8 sources · 7 days · First seen · Last updated

Nigerian gold market price trends

Overview

Gold prices in Nigeria have experienced a downward trend, falling to approximately N180,000 per gram from previous highs exceeding N200,000. This decline was attributed to a strengthening Nigerian Naira against the US Dollar and the US Federal Reserve’s high interest rate policies, which reduced gold’s appeal as an asset.

By mid-October, prices stabilized at approximately N178,000 per gram across major hubs such as Lagos, Kano, and Abuja. Local vendors have maintained domestic premiums of 5% to 10% above international spot rates. During this period, the Central Bank of Nigeria continued utilizing its National Gold Purchase Program (NGPP) to acquire domestic refined gold in naira to bolster strategic foreign reserves and mitigate exchange risks.

Entities

Central Bank of Nigeria · Abuja · Federal Ministry of Solid Minerals · Lagos · Kano

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. [BUSINESS] 2 sources
    Nigeria gold prices hold steady at N178,000 per gram

    Nigeria's gold prices hold steady at N178,000 per gram, supported by a 5%–10% domestic premium and institutional demand from the Central Bank of Nigeria.

  2. [BUSINESS] 7 sources
    Gold prices in Nigeria fall to N180,000 per gram

    Gold prices in Nigeria have fallen to approximately N180,000 per gram, driven by a strengthening Naira and high US interest rates affecting global commodity valuations.

Sources

brandspurng.com · businesselitesafrica.com · dmarketforces.com · khaleejtimes.com · nairametrics.com · newscentral.africa · tribuneonlineng.com · zalebs.com