# Nigerian gold market price trends

> Live situation record from CLSTR: https://clstr.news/situations/nigerian-gold-market-price-trends
> Updated: 2026-10-14T09:20:30.000Z. Sources: 8. Developments: 2.

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.

## Claims

- Gold prices in Nigeria are holding steady at approximately N178,000 per gram. (corroborated by 2 sources)
- Local gold sellers apply a domestic premium of 5% to 10% above the international spot rate. (corroborated by 2 sources)
- Gold trading is concentrated in Lagos, Kano, and Abuja. (corroborated by 2 sources)
- The Central Bank of Nigeria's National Gold Purchase Program buys domestic refined gold to bolster foreign reserves. (single source)

## Timeline

### 2026-10-14: 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 sources. https://clstr.news/cluster/nigeria-gold-prices-hold-steady-at-n178000-per-gram

### 2026-10-07: 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.

7 sources. https://clstr.news/cluster/gold-prices-in-nigeria-fall-to-n180000-per-gram

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Cite as: Nigerian gold market price trends. CLSTR, https://clstr.news/situations/nigerian-gold-market-price-trends