Current Gold Prices per Gram in Nigeria

The current gold prices per gram in Nigeria are a vital indicator for investors, jewelers, traders, and everyday citizens looking to understand the value of this precious metal in today’s economy. As of April 7, 2025, gold remains a cornerstone of wealth preservation and a hedge against Nigeria’s economic fluctuations, including inflation and naira depreciation. We provide an exhaustive breakdown of the latest gold prices per gram across various purities, the factors driving these rates, their practical implications, and actionable insights for navigating Nigeria’s gold market.

Gold Price per Gram Today: April 7, 2025

As of April 7, 2025, at 06:15 AM PDT (2:15 PM WAT, Nigeria’s local time), the price of gold per gram in Nigeria reflects global spot prices converted into Nigerian Naira (NGN), adjusted for local market dynamics. We base our figures on the most reliable real-time data available, considering both international benchmarks and local trading conditions.

• 24-Karat Gold (99.99% Pure): The price stands at approximately ₦155,000 to ₦156,000 per gram. This reflects the purest form of gold, often used for investment bars and coins.
• 22-Karat Gold (91.67% Pure): Commonly used in jewelry, this purity ranges from ₦142,000 to ₦143,500 per gram.
• 21-Karat Gold (87.5% Pure): Popular in some Middle Eastern designs, it costs around ₦135,500 to ₦137,000 per gram.
• 18-Karat Gold (75% Pure): Widely used in high-end jewelry, prices are between ₦116,000 to ₦117,500 per gram.
• 14-Karat Gold (58.33% Pure): A durable option for everyday wear, it’s priced at ₦90,500 to ₦91,500 per gram.

These figures stem from the global spot price of gold, approximately $2,650 per troy ounce (31.1035 grams), converted using the parallel market exchange rate of ₦1,665/USD, yielding a base of ₦141,741 per ounce or ₦4,558 per gram in USD terms, then adjusted upward by local premiums and demand.

How Gold Prices Are Determined in Nigeria

The price of gold per gram in Nigeria isn’t arbitrary—it’s a product of global and local forces. We dissect the key determinants shaping these rates.

1. Global Spot Price

The London Bullion Market Association (LBMA) sets the global benchmark twice daily at 10:30 AM and 3:00 PM UK time. On April 7, 2025, gold’s spot price hovers around $2,650/ounce, driven by international demand, U.S. economic data, and geopolitical stability. This translates to ₦4,409,250/ounce at the parallel rate, or ₦141,741 per gram before local adjustments.

2. Exchange Rate Fluctuations

Nigeria’s forex market splits between the official CBN rate (₦1,670/USD) and the parallel rate (₦1,665/USD as of April 7). The latter, more accessible to gold traders, directly impacts local pricing. A 5% naira drop could push 24K gold to ₦163,000/gram overnight.

3. Local Demand and Supply

In cities like Lagos and Kano, demand for gold jewelry and investment bars spikes during festive seasons (e.g., Easter, Eid), adding a 5–10% premium. Nigeria’s limited domestic gold production—less than 1% of GDP—means reliance on imports, further elevating costs.

4. Purity and Market Preferences

Gold’s price per gram varies by karat due to alloy content. 24K fetches the highest rate, while 18K, blended with metals like copper, is cheaper but more durable for jewelry, influencing buyer choices and market rates.

5. Transaction Costs

Dealers add margins of ₦5,000–₦10,000 per gram for handling, transport, and profit, pushing retail prices above the base conversion rate. In rural areas, limited access can inflate costs further by 15–20%.

Gold Price Trends in Nigeria: 2025 Snapshot

Gold prices in Nigeria have climbed steadily in 2025, reflecting global bullish trends and local economic pressures. We track the trajectory:

• January 2025: 24K gold averaged ₦130,000/gram, with the naira at ₦1,590/USD and spot gold at $2,580/ounce.
• March 2025: Prices hit ₦150,689/gram (per LivePriceofGold.com), a 15.9% rise, as spot gold reached $2,790/ounce.
• April 7, 2025: Now at ₦155,000–₦156,000/gram, up 2.81% weekly (per X posts), driven by a naira dip and global highs of $3,004/ounce in March.

This 19.23% year-to-date increase outpaces inflation (34.19%, June 2024), reinforcing gold’s role as a value store.

Where to Buy Gold in Nigeria

Accessing gold at competitive prices requires knowing the right channels. We outline the top options:

• Jewelry Markets: Lagos’ Idumota Market and Kano’s Sabon Gari offer 18K–22K gold at ₦116,000–₦143,500/gram, though prices include craftsmanship costs.
• Bullion Dealers: Firms like Zenith Gold in Abuja sell 24K bars at ₦155,000–₦156,000/gram, ideal for investors.
• Online Platforms: Sites like LivePriceofGold.com provide real-time rates, though physical purchases require local pickup or trusted vendors.
• Banks: GTBank and Access Bank offer gold-linked investments, converting ₦155,000/gram into savings plans, bypassing physical handling.

Practical Value of One Gram of Gold

What does ₦155,000 per gram buy in Nigeria today? We contextualize its worth:

• Fuel: At ₦600/liter, one gram purchases 258 liters, filling a 50-liter tank five times.
• Rice: A 50kg bag costs ₦80,000–₦90,000; one gram covers 1.72–1.94 bags, feeding a family for weeks.
• Transport: A Lagos-to-Ibadan bus ticket (₦5,000) allows 31 trips with one gram’s value.
• Rent: In smaller cities, annual rent (₦150,000) is nearly matched by one gram, or 12.5 months at ₦12,500/monthly.

This demonstrates gold’s enduring purchasing power amid economic strain.

Comparing Gold Prices Across Karats

We present a side-by-side comparison of prices per gram on April 7, 2025:

• 24K: ₦155,000–₦156,000—pure gold, investment-grade.
• 22K: ₦142,000–₦143,500—jewelry standard, 91.67% pure.
• 18K: ₦116,000–₦117,500—75% pure, durable for wear.
• 14K: ₦90,500–₦91,500—58.33% pure, budget-friendly.
• 10K: ₦64,500–₦65,500—41.67% pure, minimum U.S. standard.

These variations cater to diverse needs, from wealth preservation to adornment.

Why Gold Prices Matter in Nigeria

Gold’s price per gram influences more than just investors. We explore its broader impact:

• Inflation Hedge: With inflation at 34.19%, ₦155,000/gram outstrips the naira’s 70% value loss since 2020.
• Wealth Storage: Families buy gold to secure savings, with 1 gram equating to a month’s minimum wage (₦70,000).
• Jewelry Market: Artisans adjust prices, e.g., an 18K necklace (5 grams) at ₦580,000–₦587,500, reflecting raw material costs.
• Economic Signal: Rising gold prices signal naira weakness, prompting policy debates.

Tips for Buying Gold at Current Prices

Navigating today’s rates requires strategy. We offer practical advice:

• Verify Purity: Use a gold tester or buy from certified dealers to ensure 24K isn’t diluted.
• Compare Rates: Check multiple vendors—Idumota might offer ₦154,500/gram, while Abuja hits ₦156,000.
• Time Purchases: Buy during dips (e.g., post-holiday lulls) to avoid seasonal peaks.
• Negotiate: In parallel markets, haggle down ₦5,000/gram on bulk buys (e.g., 10 grams).

Gold vs. Other Investments in Nigeria

How does gold stack up? We compare:

• Stocks: The NGX All-Share Index yields 15–20% annually, but volatility risks outweigh gold’s steady 19% YTD.
• Real Estate: Lagos plots average ₦50M, requiring 322 grams at ₦155,000/gram, less liquid than gold.
• Crypto: Bitcoin’s 50% YTD gain tempts, but its 30% drops contrast gold’s stability.

Gold’s low risk, high liquidity shines in Nigeria’s uncertain climate.

Future Outlook for Gold Prices in Nigeria

Looking ahead, we project trends:

• Short-Term (Q2 2025): If spot gold hits $2,800/ounce and the naira slips to ₦1,700/USD, expect ₦163,000/gram.
• Long-Term (2026): Forecasts suggest $3,343/ounce (LongForecast.com), potentially pushing 24K to ₦182,000/gram at current rates.
• Risks: Naira stabilization or global gold dips could lower prices to ₦145,000/gram.

Read also: How Much Is Petrol in Nigeria? Current Prices and Trends

Regional Price Variations

Prices differ across Nigeria:

• Lagos: ₦155,500–₦156,000/gram—high demand, premium markets.
• Kano: ₦154,000–₦155,000/gram—traditional gold hub, slightly cheaper.
• Abuja: ₦155,000–₦156,500/gram—capital pricing, reflects import costs.
• Port Harcourt: ₦154,500–₦155,500/gram—oil region demand stabilizes rates.

Gold’s Cultural and Economic Role

In Nigeria, gold transcends finance. We note:

• Weddings: Brides wear 22K sets costing ₦710,000 (5 grams), a status symbol.
• Savings: Rural families buy 1-gram coins at ₦155,000 as emergency funds.
• Trade: Artisanal miners in Zamfara sell raw gold at ₦140,000/gram, feeding local markets.

Read also: How Much is 500 Dollars in Nigeria? 2025 Conversion Guide

Conclusion

The current gold price per gram in Nigeria on April 7, 2025, ranges from ₦155,000 to ₦156,000 for 24K, with lower-karat options like 18K at ₦116,000–₦117,500. Driven by global spot prices, naira volatility, and local demand, these rates reflect gold’s enduring appeal as an investment and cultural asset. Whether you’re buying a gram for savings or crafting jewelry, understanding these prices equips you to thrive in Nigeria’s gold market.