Gold Price in Nigeria

How the NGN reference is calculated

The international gold reference comes from MetalflowAPI. This country table translates the USD ounce using a daily-reference USD exchange rate, then divides by 31.1034768 to obtain a gram value. Live responses are cached for five minutes and FX responses for fifteen minutes, with the FX provider updating its reference daily. The conversion is indicative: it is not a local dealer's executable quote, a bank's conversion price or an official domestic benchmark. If local FX is unavailable, the table explicitly switches to USD rather than presenting dollars as NGN.

A 10 g example at the current reference

10.0000 g of fine gold has a spot reference of NGN 1,792,372.70. A gross-weight 999 alloy at that weight contains 9.9900 g of fine metal, with a reference of NGN 1,790,580.33. For comparison, the same net weight at 18K contains 7.5000 g of gold, valued at NGN 1,344,279.53 before buyer deductions. Calculations retain precision before rounding. Record the source time with an offer comparison, because refreshing a page may retrieve the same cached observation.

Weight conventions in Nigeria

For a purchase or sale in Nigeria, request a written gram weight and fineness even if the dealer uses a traditional unit or a per-ounce board price. The reference currency is NGN; an international USD quote should not be compared without conversion. A unit name is not a purity specification.

Hallmarks, purity and net weight

Read both karat and millesimal fineness marks where present: 375 corresponds to 37.5%, 750 to 75% and 999 to 99.9%. A nominal 14K calculation uses approximately 58.33%, which differs slightly from a 585 mark. A stamp alone cannot prove authenticity, and plated or filled constructions cannot be valued as a solid alloy of their full gross weight.

Compare a sale, a purchase and a pawn loan separately

A retail purchase includes product premiums, workmanship where relevant and agreed delivered costs. A scrap offer depends on tested content and buyer deductions, which are not supplied by this price feed. Request accepted net weight, tested fineness, reference time, fees and final payment in writing. Compare that final payment against the matching metal reference, not a percentage advertised before deductions. A recognizable brand, collectible coin or valuable stone may have a resale route beyond scrap. A pawn advance is a loan: total redemption charges and its deadline must be assessed separately from metal value.

Taxes, transaction records and local terms

Check Nigeria's current tax-authority and customs rules for the actual product and transaction. Retail jewelry, investment bullion and cross-border purchases need not receive the same treatment. No local tax exemption or bank conversion spread is assumed here. Keep invoices and authenticity records, and check shipping insurance explicitly covers precious metal. This reference excludes tax, storage, delivery, refining costs and currency spreads. For legal or accounting valuations, establish which date and benchmark the relevant authority requires; a spot estimate does not certify your item.

Currency movements can change the NGN reference even when the USD metal price is steady. Conversely, a strong local currency can offset an increase in the international price. Historic performance does not ensure an inflation hedge over your own holding period. Use available charts for observed context, not an assumed future return. Read the full price methodology and compare gold purity with the scrap calculator before a transaction.