Nigeria · NGN · May 2022
Gold Price in Nigeria — May 2022
In May 2022, the gold price in Nigeria closed at approximately ₦821,253 per troy ounce, equivalent to ₦307,975 per tola or ₦26,404 per gram. This represents a -0.53% change on the month (₦825,630 open → ₦821,253 close).
Open
₦825,630
per troy ounce
Close
₦821,253
per troy ounce
High
₦853,679
per troy ounce
Low
₦808,211
per troy ounce
All unit prices at May 2022 close — Nigeria
| Unit | Weight | Closing NGN price |
|---|---|---|
| Troy ounce | 31.1035 g | ₦821,253 |
| Gram | 1.0000 g | ₦26,404 |
| 10 grams | 10 g | ₦264,039 |
| Kilogram | 1,000 g | ₦26,403,868 |
| Tola | 11.664 g | ₦307,975 |
Karat-purity breakdown at May 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KNIGERIA STD | ₦26,377 | ₦307,667 |
| 22K | ₦24,186 | ₦282,105 |
| 21K | ₦23,103 | ₦269,478 |
| 18K | ₦19,803 | ₦230,981 |
| 14K | ₦15,446 | ₦180,165 |
| 10K | ₦11,010 | ₦128,425 |
Daily gold price in NGN — May 2022
May 2022 gold market: Gold grinds lower toward $1,840
BearishRelentless dollar strength ground gold lower.
Gold drifted down to about $1,840 in May 2022 as the dollar pushed to new multi-decade highs and the Fed delivered a half-point hike. The metal held up better than many risk assets but could not escape the gravitational pull of rising rates.
What drove gold in May 2022
- Fed +50bp hike
- multi-decade-high US dollar
- rising real yields
- risk-asset selloff
Key events in May 2022
- May 4Fed hikes 50bp; dollar strength caps gold
What happened next
An even larger June hike pushed gold and most assets sharply lower.
For gold buyers in Nigeria
May showed gold's relative resilience — falling less than stocks or bonds — even as the rate backdrop turned hostile.
The 2022 gold market: Russia sanctions and a paradigm shift
Russia invaded Ukraine on February 24, 2022. G7/EU froze $300 billion of Russian central-bank reserves — the most consequential monetary event since 1971. Central-bank gold buying hit a record 1,082 tonnes (highest ever). Year close: $1,824 despite Fed's aggressive tightening.
Key drivers in 2022
Russia sanctions, central-bank reserve freezing, Fed hikes to 4.5%, gold's structural role redefined
2022 XAU/USD high
$2,070 (Mar)
2022 XAU/USD low
$1,621 (Sep)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Nigeria gold market
Nigeria retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
NGN (₦)
Daily gold price — May 2022, Nigeria
₦825,630
$1,848.50/oz
₦853,679
$1,911.30/oz
₦835,099
$1,869.70/oz
₦832,419
$1,863.70/oz
₦845,193
$1,892.30/oz
₦840,771
$1,882.40/oz
₦842,312
$1,885.85/oz
₦831,168
$1,860.90/oz
₦829,605
$1,857.40/oz
₦827,193
$1,852.00/oz
₦820,538
$1,837.10/oz
₦809,149
$1,811.60/oz
₦816,020
$1,826.99/oz
₦808,211
$1,809.50/oz
₦815,134
$1,825.00/oz
₦808,747
$1,810.70/oz
₦823,620
$1,844.00/oz
₦819,243
$1,834.20/oz
₦833,236
$1,865.53/oz
₦829,069
$1,856.20/oz
₦833,938
$1,867.10/oz
₦825,049
$1,847.20/oz
₦825,541
$1,848.30/oz
₦827,104
$1,851.80/oz
₦832,591
$1,864.09/oz
₦828,533
$1,855.00/oz
₦821,253
$1,838.70/oz
How Nigeria gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The NGN/USD exchange rate comes from exchangerate-api.com's 2022 year-end snapshot.
Conversion. Every NGN figure on this page is computed as XAU/USD price × NGN/USD rate. We use the year-end exchange rate consistently across all May 2022 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Nigeria, add the country-specific levies described in the “Nigeriagold market” section above.
FAQ — Nigeria gold price in May 2022
What was the gold price in Nigeria in May 2022?
In May 2022, gold in Nigeria opened at ₦825,630/oz and closed at ₦821,253/oz — a move of -0.53% on the month. Per tola: ≈₦307,975; per gram: ≈₦26,404; per 10g: ≈₦264,039.
What was the 24K gold rate per tola in Nigeria in May 2022?
The 24K gold rate per tola in Nigeria at the May 2022 close was approximately ₦307,975, derived from international XAU/USD spot of $1,838.70/oz times the 2022-end NGN/USD exchange rate of 446.6486. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Nigeria in May 2022?
Nigeria's most-quoted retail standard is 24K per gram. At the May 2022 close, that worked out to approximately ₦26,377 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
NGN prices on this page are computed from the verified international XAU/USD spot price for May 2022 (sourced from gold-api.com), multiplied by the 2022-end NGN/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ₦ figures here represent the international gold spot price converted to NGN at the 2022-end exchange rate. Nigeria's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in Nigeria? See live gold prices in Nigeria with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2022 archive or the USD-only May 2022 page with the country-by-country list at the bottom.
Other markets? Compare May 2022 prices across other major gold-trading countries: Ghana, Kenya, South Africa, Tanzania, Egypt, Zambia.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to NGN at the 2022-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Nigeria before transacting.