Nigeria · NGN · June 2022
Gold Price in Nigeria — June 2022
In June 2022, the gold price in Nigeria closed at approximately ₦811,560 per troy ounce, equivalent to ₦304,340 per tola or ₦26,092 per gram. This represents a -1.51% change on the month (₦824,022 open → ₦811,560 close).
Open
₦824,022
per troy ounce
Close
₦811,560
per troy ounce
High
₦839,311
per troy ounce
Low
₦811,560
per troy ounce
All unit prices at June 2022 close — Nigeria
| Unit | Weight | Closing NGN price |
|---|---|---|
| Troy ounce | 31.1035 g | ₦811,560 |
| Gram | 1.0000 g | ₦26,092 |
| 10 grams | 10 g | ₦260,923 |
| Kilogram | 1,000 g | ₦26,092,255 |
| Tola | 11.664 g | ₦304,340 |
Karat-purity breakdown at June 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KNIGERIA STD | ₦26,066 | ₦304,036 |
| 22K | ₦23,901 | ₦278,775 |
| 21K | ₦22,831 | ₦266,298 |
| 18K | ₦19,569 | ₦228,255 |
| 14K | ₦15,264 | ₦178,039 |
| 10K | ₦10,880 | ₦126,910 |
Daily gold price in NGN — June 2022
June 2022 gold market: Biggest Fed hike since 1994 weighs on gold
BearishAggressive tightening and a strong dollar dragged gold down.
Gold drifted lower to around $1,820 in June as the Federal Reserve delivered a 0.75-point hike — its largest since 1994 — and the dollar strengthened. Rising real yields steadily eroded gold's appeal even as recession fears built.
What drove gold in June 2022
- Fed +75bp (Jun 15)
- surging US dollar
- rising real yields
- building recession fears
Key events in June 2022
- Jun 15Fed hikes 75bp, its largest move since 1994
What happened next
The relentless hikes pushed gold below $1,700 in July and toward its lows by September.
For gold buyers in Nigeria
June underscored that aggressive rate hikes, not inflation alone, were driving gold — and the hikes were winning.
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 — June 2022, Nigeria
₦824,022
$1,844.90/oz
₦824,022
$1,844.90/oz
₦824,022
$1,844.90/oz
₦829,828
$1,857.90/oz
₦825,049
$1,847.20/oz
₦826,121
$1,849.60/oz
₦827,640
$1,853.00/oz
₦824,022
$1,844.90/oz
₦817,367
$1,830.00/oz
₦839,311
$1,879.13/oz
₦817,769
$1,830.90/oz
₦812,141
$1,818.30/oz
₦814,598
$1,823.80/oz
₦815,804
$1,826.50/oz
₦822,548
$1,841.60/oz
₦824,587
$1,846.17/oz
₦820,270
$1,836.50/oz
₦821,967
$1,840.30/oz
₦822,682
$1,841.90/oz
₦822,682
$1,841.90/oz
₦815,357
$1,825.50/oz
₦822,327
$1,841.11/oz
₦815,714
$1,826.30/oz
₦812,498
$1,819.10/oz
₦811,918
$1,817.80/oz
₦811,560
$1,817.00/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 June 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 June 2022
What was the gold price in Nigeria in June 2022?
In June 2022, gold in Nigeria opened at ₦824,022/oz and closed at ₦811,560/oz — a move of -1.51% on the month. Per tola: ≈₦304,340; per gram: ≈₦26,092; per 10g: ≈₦260,923.
What was the 24K gold rate per tola in Nigeria in June 2022?
The 24K gold rate per tola in Nigeria at the June 2022 close was approximately ₦304,340, derived from international XAU/USD spot of $1,817.00/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 June 2022?
Nigeria's most-quoted retail standard is 24K per gram. At the June 2022 close, that worked out to approximately ₦26,066 (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 June 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 June 2022 page with the country-by-country list at the bottom.
Other markets? Compare June 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.