How gold is priced in Nigeria
Nigerian jewellers price gold per gram by karat, mainly 18K and 21K for jewellery and 24K for bars. The figures at the top of this page are the international spot price converted to naira at today's exchange rate — the value of the metal before VAT, workmanship and the seller's margin.
VAT and duties
The Nigeria Tax Act 2025, in force since 1 January 2026, kept VAT at 7.5%. Gold and jewellery are not among the main zero-rated or exempt categories, so jewellery bought from a VAT-registered business normally carries 7.5% on the invoice. Imported jewellery and bullion also pay customs duty and levies under the ECOWAS common external tariff; ask the seller whether the price includes them.
Who sets the local price
There is no gold exchange in Nigeria: dealers price from the international price in dollars converted at the naira exchange rate, so a weaker naira raises local prices even when world gold is flat. The Central Bank of Nigeria buys locally mined gold through the National Gold Purchase Programme, paying in naira at prices tied to LBMA benchmarks. The gold is aggregated by the Solid Minerals Development Fund under the Presidential Artisanal Gold Mining Development Initiative (PAGMI), launched in 2019, and refined to LBMA Good Delivery standard; further deliveries to the CBN were announced in March 2026.
Buying tips
Nigeria has no compulsory hallmarking scheme in general use, so the karat stamp on a piece is the seller's own claim. Ask for the karat and weight on the receipt, weigh the piece yourself and compare the gram price with the live figure for that karat on this page — the difference is the workmanship charge and margin. Much jewellery is imported, so check whether the seller will buy it back and at what discount.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.