Nigeria's Gold Prices Steady at N178K/g Amid Naira Strength

Gold prices in Nigeria are currently steady at N178,000 per gram, despite the strengthening of the Nigerian naira and a hawkish stance from the US central bank. Gold sellers in major markets such as Lagos, Kano, and Abuja typically charge a domestic premium of 5%–10% above the spot rate.

The 20-day Simple Moving Average (SMA) is around N179,000 per gram, with demand from buyers remaining strong between N175,000 and N177,000 per gram, driven by retail jewelry and private asset protection purchases. The Central Bank of Nigeria (CBN) has initiated the National Gold Purchase Program (NGPP) to buy locally mined and refined gold in naira, aiming to strengthen the country’s foreign reserves and mitigate foreign exchange risks.

This program provides a structural price floor for gold in Nigeria. Institutional demand for domestic bullion is consistent due to the CBN's purchases, while global market conditions, including US Treasury yields and inflation concerns, continue to influence gold prices.