Nigeria · NGN · September 2023
Gold Price in Nigeria — September 2023
In September 2023, the gold price in Nigeria closed at approximately ₦1,718,295 per troy ounce, equivalent to ₦644,371 per tola or ₦55,244 per gram. This represents a -3.61% change on the month (₦1,782,645 open → ₦1,718,295 close).
Open
₦1,782,645
per troy ounce
Close
₦1,718,295
per troy ounce
High
₦1,787,959
per troy ounce
Low
₦1,718,295
per troy ounce
All unit prices at September 2023 close — Nigeria
| Unit | Weight | Closing NGN price |
|---|---|---|
| Troy ounce | 31.1035 g | ₦1,718,295 |
| Gram | 1.0000 g | ₦55,244 |
| 10 grams | 10 g | ₦552,444 |
| Kilogram | 1,000 g | ₦55,244,428 |
| Tola | 11.664 g | ₦644,371 |
Karat-purity breakdown at September 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KNIGERIA STD | ₦55,189 | ₦643,727 |
| 22K | ₦50,604 | ₦590,244 |
| 21K | ₦48,339 | ₦563,825 |
| 18K | ₦41,433 | ₦483,278 |
| 14K | ₦32,318 | ₦376,957 |
| 10K | ₦23,037 | ₦268,703 |
Daily gold price in NGN — September 2023
September 2023 gold market: Autumn low as yields hit multi-year highs
BearishMulti-year-high yields and a strong dollar marked the autumn low.
Gold fell toward $1,850–$1,870 in September as the Federal Reserve reinforced its higher-for-longer message and 10-year yields surged toward 4.6%, a multi-year high. A strong dollar compounded the pressure.
What drove gold in September 2023
- Fed higher-for-longer guidance
- 10-year yields near 4.6%
- US dollar strength
- ETF outflows
Key events in September 2023
- Sep 20Fed signals higher-for-longer; gold heads toward $1,850
What happened next
The October 7 war shock abruptly reversed gold's slide.
For gold buyers in Nigeria
September's low near $1,850 was the year's best entry point — set just days before war reignited safe-haven demand.
Related months to read
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
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 — September 2023, Nigeria
₦1,782,645
$1,940.55/oz
₦1,787,959
$1,946.34/oz
₦1,779,568
$1,937.20/oz
₦1,769,371
$1,926.10/oz
₦1,765,650
$1,922.05/oz
₦1,762,251
$1,918.35/oz
₦1,770,932
$1,927.80/oz
₦1,773,670
$1,930.78/oz
₦1,768,314
$1,924.95/oz
₦1,753,249
$1,908.55/oz
₦1,758,072
$1,913.80/oz
₦1,747,002
$1,901.75/oz
₦1,770,841
$1,927.70/oz
₦1,776,894
$1,934.29/oz
₦1,766,982
$1,923.50/oz
₦1,777,455
$1,934.90/oz
₦1,785,217
$1,943.35/oz
₦1,759,174
$1,915.00/oz
₦1,770,519
$1,927.35/oz
₦1,770,423
$1,927.25/oz
₦1,768,223
$1,924.85/oz
₦1,751,871
$1,907.05/oz
₦1,733,728
$1,887.30/oz
₦1,721,097
$1,873.55/oz
₦1,718,295
$1,870.50/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 2023 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 September 2023 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 September 2023
What was the gold price in Nigeria in September 2023?
In September 2023, gold in Nigeria opened at ₦1,782,645/oz and closed at ₦1,718,295/oz — a move of -3.61% on the month. Per tola: ≈₦644,371; per gram: ≈₦55,244; per 10g: ≈₦552,444.
What was the 24K gold rate per tola in Nigeria in September 2023?
The 24K gold rate per tola in Nigeria at the September 2023 close was approximately ₦644,371, derived from international XAU/USD spot of $1,870.50/oz times the 2023-end NGN/USD exchange rate of 918.6287. 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 September 2023?
Nigeria's most-quoted retail standard is 24K per gram. At the September 2023 close, that worked out to approximately ₦55,189 (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 September 2023 (sourced from gold-api.com), multiplied by the 2023-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 2023-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 2023 archive or the USD-only September 2023 page with the country-by-country list at the bottom.
Other markets? Compare September 2023 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 2023-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.