EmmanuelGold remains one of the most valuable and sought-after commodities in Nigeria, whether for investment, jewelry, or cultural significance. As of March 28, 2025, the price of one gram of gold in Nigeria fluctuates based on global market trends, local economic conditions, and currency exchange rates. In this comprehensive guide, we explore the current cost of one gram of gold in Nigeria, factors influencing its price, where to buy it, and practical insights for buyers and investors.
Current Price of One Gram of Gold in Nigeria
As of today, March 28, 2025, the price of one gram of 24-karat gold (99.99% pure) in Nigeria ranges between ₦140,000 and ₦155,000, according to real-time market data from reliable sources. This figure reflects the spot price of gold converted into Nigerian Naira (NGN), influenced by the exchange rate of approximately ₦1,600 to $1 USD. Here’s a snapshot based on recent updates:
- Livepriceofgold.com reports the price at approximately ₦150,689.90 per gram for 24K gold, updated daily with live spot rates (Live Price of Gold).
- Goldpricez.com lists it at ₦130,437.05 per gram, with a slight weekly gain, reflecting data as of early March 2025 (Gold Pricez).
- Goldrate24.com indicates a price of ₦141,741.11 per gram, calculated with an exchange rate of ₦1,515.10 to $1 USD as of March 9, 2025 (Gold Rate 24).
These variations stem from differences in update frequency, exchange rate calculations, and local market adjustments. For the most accurate price, we recommend checking live trackers or consulting local gold dealers.
Factors Affecting the Price of One Gram of Gold in Nigeria
Several elements determine how much one gram of gold costs in Nigeria. Understanding these can help you anticipate price shifts:
1. Global Gold Prices
Gold is traded internationally in U.S. dollars per troy ounce (31.1035 grams). The London Bullion Market Association (LBMA) sets the benchmark price twice daily. As of March 2025, the global spot price hovers around $2,800 per ounce, translating to roughly $90 per gram before currency conversion. Websites like Goldprice.org track these trends (Gold Price).
2. Naira Exchange Rate
With Nigeria’s currency subject to volatility, the Naira’s value against the dollar directly impacts gold prices. At ₦1,600 to $1, a gram priced at $90 globally becomes ₦144,000 locally. Exchange rate fluctuations, tracked on platforms like Exchange-rates.org, explain much of the price range (Exchange Rates).
3. Local Demand and Supply
In cities like Lagos and Kano, high demand for gold jewelry and investment bars can push prices above the spot rate. Conversely, rural areas may see slight discounts due to lower demand, though transportation costs can offset this.
4. Purity (Karats)
Gold prices vary by purity:
- 24K (99.99% pure): ₦140,000–₦155,000 per gram.
- 22K (91.6% pure): ₦129,000–₦142,000 per gram.
- 18K (75% pure): ₦105,000–₦115,000 per gram.
These figures adjust based on market data from Goldrate24.com (Gold Rate 24).
Read also How Much is 18 Karat Gold in Nigeria? Complete Guide for 2025
5. Vendor Markup
Jewelry stores and bullion dealers add premiums for craftsmanship, storage, or profit. Online platforms like Jumia or Konga may include shipping fees, while local markets might offer competitive rates.
Where to Buy One Gram of Gold in Nigeria
Gold is widely available across Nigeria, from physical stores to online marketplaces. Here are the best options:
1. Local Jewelry Markets
- Lagos (Idumota Market): Known for competitive pricing, expect ₦145,000–₦150,000 per gram for 24K gold.
- Kano Gold Market: A hub for northern Nigeria, prices align closely with Lagos, around ₦140,000–₦155,000.
2. Online Retailers
- Jumia: Offers gold coins and bars, typically priced at ₦150,000 per gram with delivery fees (Jumia Nigeria).
- Konga: Similar pricing, often with discounts during sales, around ₦145,000–₦152,000 (Konga).
3. Banks and Bullion Dealers
Some banks and licensed dealers sell gold bars or coins. Prices may include a premium, ranging from ₦150,000 to ₦160,000 per gram, but authenticity is guaranteed.
4. Gold Mining Regions
In states like Zamfara or Osun, small-scale miners may sell raw gold at slightly lower rates (₦135,000–₦145,000), though purity and legality require verification.
Gold Price Trends in Nigeria: 2025 Outlook
Gold prices in Nigeria have risen steadily over the past decade, driven by inflation and currency depreciation. In 2019, one gram of 24K gold cost around ₦19,000, per historical data from Indexbox.io (IndexBox). By 2025, this has surged over 700%, reflecting global economic uncertainty and local factors. Analysts predict a 5–10% increase by year-end, potentially pushing prices to ₦160,000–₦170,000 per gram, according to Exchange-rates.org forecasts (Exchange Rates).
Read also: How Much Is Baileys Irish Cream in Nigeria? March 2025 Guide
Comparing Gold Prices by Karat
Here’s how one gram of gold varies by purity, based on current market rates:
- 24K: ₦140,000–₦155,000
- 22K: ₦129,000–₦142,000
- 21K: ₦123,000–₦135,000
- 18K: ₦105,000–₦115,000
- 14K: ₦82,000–₦90,000
These align with data from Livepriceofgold.com (Live Price of Gold).
Tips for Buying One Gram of Gold in Nigeria
- Verify Authenticity: Check for hallmarks or certificates, especially from dealers.
- Monitor Live Prices: Use sites like Goldpricez.com for real-time updates (Gold Pricez).
- Negotiate: Local markets often allow haggling, unlike fixed online prices.
- Buy During Dips: Track global trends on Goldprice.org to time purchases (Gold Price).
Why Invest in Gold in Nigeria?
Gold serves as a hedge against inflation, which hit 33% in Nigeria in 2024, per Trading Economics. Its portability and universal value make it ideal for wealth preservation, especially amid Naira volatility. Whether for jewelry or bars, one gram of gold offers an accessible entry point for investors.
Conclusion: How Much Is One Gram of Gold in Nigeria?
As of March 28, 2025, one gram of 24K gold in Nigeria costs between ₦140,000 and ₦155,000, influenced by global prices, exchange rates, and local market dynamics. Whether you’re buying from Jumia (Jumia Nigeria), a Lagos jeweler, or a Kano trader, understanding these factors ensures you get the best value. For the latest rates, check Livepriceofgold.com (Live Price of Gold) or Goldrate24.com (Gold Rate 24). Gold remains a timeless asset in Nigeria’s evolving economy
Emmanuel