Today’s naira price of one gram and ten grams, by karat
The table above this text shows today’s naira price of one gram and ten grams of gold in 24, 22 and 18 karat. Each karat is shown twice: once using the Central Bank of Nigeria’s official dollar rate, and once using the Lagos street dollar rate. No Nigerian body fixes these prices. Every figure is the world gold price in dollars multiplied by a naira rate, and the lower karats are the 24 karat gram multiplied by the karat over twenty-four.
Priced at two dollars, by karat
One gram and ten grams in each karat at the official dollar and at the street dollar.
| Karat | 1 gram, official dollar | 1 gram, street dollar | 10 grams, official dollar | 10 grams, street dollar |
|---|---|---|---|---|
| 24 karat | ₦170,563 | ₦176,517 | ₦1,705,630 | ₦1,765,173 |
| 22 karat | ₦156,349 | ₦161,808 | ₦1,563,494 | ₦1,618,075 |
| 18 karat | ₦127,922 | ₦132,388 | ₦1,279,222 | ₦1,323,880 |
Priced on: 02.11.2026
What each column shows
The first column names the karat: 24, 22 or 18. The next columns show the price of one gram and ten grams at the CBN official dollar rate. The following columns show the same weights at the Lagos street dollar rate. The two dollar rates are not the same, so the naira prices differ.
The table does not show a price for an ounce or a kilogram, but the gram figure can be multiplied to obtain them. The table is a reference: a dealer’s quote will include a spread and, for jewellery, a making charge.
The karat stamp on a piece of gold promises a minimum purity. A 24 karat stamp means the piece is at least 99.9 per cent pure gold. A 22 karat stamp means 91.7 per cent pure, and an 18 karat stamp means 75 per cent pure. The stamp is a promise by the maker, not a guarantee by any Nigerian authority.
A buyer should test the piece or ask the dealer to test it in front of them. The price per gram for a lower karat is the 24 karat gram price multiplied by the karat over twenty-four. That is arithmetic, not an independent market price.
The 22 and 18 karat rows are derived from the 24 karat gram price. They carry no independent market information. A dealer may quote a different price for a lower karat piece because of making charges or demand, but the metal value is exactly that fraction of the 24 karat price.
The table does not show a making charge, a buy-back deduction, or a dealer’s spread. Those costs are set in the market between buyer and seller. The table shows the metal value before those costs are added.
The CBN official dollar rate is used for formal transactions, such as an importer settling through a bank. The Lagos street dollar rate is used in cash transactions, such as a buyer paying a dealer in Lagos. A person buying gold locally in cash is more likely to face the street rate.
The gap between the two naira prices is a currency effect, not a difference in the metal. The same gram of gold is worth the same in dollars; it is the naira rate that changes the figure.
No Nigerian body fixes these prices. The price shown is the world gold price in dollars multiplied by a naira rate. The world gold price is set on international markets, and the naira rate is set by the currency market. Neither is set by a Nigerian gold association or exchange.
The table is a derived price, not a fixing. A buyer should treat it as a reference point, not a price that any dealer is obliged to honour.
A buyer should ask a dealer to put in writing the karat tested, the weight, the per-gram rate, and any charge. That written quote will show which dollar rate the dealer is using, or it will show a naira price that already includes the dealer’s costs.
The table above this text is a starting point for that conversation, not the end of it.
At a glance
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Questions about the gold price
Why are there two naira prices for the same gram of gold?
The world gold price is in US dollars. To express it in naira, a conversion rate must be chosen. Nigeria has two commonly used rates: the Central Bank of Nigeria’s official rate and the Lagos street rate. The choice of rate changes the naira figure for the same gram of gold.
What does the karat stamp promise?
A karat stamp promises a minimum purity: 24 karat is at least 99.9 per cent pure gold, 22 karat is 91.7 per cent, and 18 karat is 75 per cent. The stamp is a promise by the maker, not a guarantee by any Nigerian authority. A buyer should test the piece or ask the dealer to test it.
How are the 22 and 18 karat prices calculated?
The 22 and 18 karat prices are the 24 karat gram price multiplied by the karat over twenty-four. For example, 18 karat is 18/24, or 75 per cent, of the 24 karat price. They carry no independent market information; they are arithmetic.
Which dollar rate will a dealer in Lagos use?
A dealer in Lagos selling for cash is more likely to use the street rate, because that is the rate at which dollars change hands in cash transactions. An importer settling through a bank faces the official rate. A buyer should ask the dealer which rate is behind the quote.
Does the table show the price an ounce or a kilogram?
The table shows the price of one gram and ten grams. The ounce and kilogram figures are the gram figure multiplied out. A kilogram is one thousand grams, and a troy ounce is about 31.1 grams. The table is a reference for smaller weights.
If you want to trade the gold price itself
This site links to an account with FxPro, an international broker. Gold is quoted there as a contract for difference, which means no metal is delivered, weighed or stored. The account is not a way to buy gold in Nigeria; it is a way to take a position on the world price in dollars. Opening an account requires identification and takes a day or two.