Nigeria · NGN · September 2024
Gold Price in Nigeria — September 2024
In September 2024, the gold price in Nigeria closed at approximately ₦4,100,868 per troy ounce, equivalent to ₦1,537,850 per tola or ₦131,846 per gram. This represents a +3.72% change on the month (₦3,953,972 open → ₦4,100,868 close).
Open
₦3,953,972
per troy ounce
Close
₦4,100,868
per troy ounce
High
₦4,131,001
per troy ounce
Low
₦3,845,984
per troy ounce
All unit prices at September 2024 close — Nigeria
| Unit | Weight | Closing NGN price |
|---|---|---|
| Troy ounce | 31.1035 g | ₦4,100,868 |
| Gram | 1.0000 g | ₦131,846 |
| 10 grams | 10 g | ₦1,318,459 |
| Kilogram | 1,000 g | ₦131,845,866 |
| Tola | 11.664 g | ₦1,537,850 |
Karat-purity breakdown at September 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KNIGERIA STD | ₦131,714 | ₦1,536,312 |
| 22K | ₦120,771 | ₦1,408,671 |
| 21K | ₦115,365 | ₦1,345,619 |
| 18K | ₦98,884 | ₦1,153,388 |
| 14K | ₦77,130 | ₦899,642 |
| 10K | ₦54,980 | ₦641,284 |
Daily gold price in NGN — September 2024
September 2024 gold market: Fed's jumbo cut supercharges gold
BullishAn outsized Fed cut sent gold sprinting past $2,600.
The Federal Reserve began its easing cycle with an outsized 0.50-point cut on September 18, and gold surged past $2,600. Lower rates reduce the opportunity cost of holding non-yielding gold, and the market wasted no time pricing in more cuts to come.
The September cut mattered less for its size than for what it confirmed: the rate-cut thesis that had powered gold all year was now real, not just anticipated. Falling policy rates lower the 'opportunity cost' of holding gold — the yield an investor gives up by owning metal instead of bonds. With the Fed now easing into a still-resilient economy, gold's two biggest tailwinds, falling real yields and a softer dollar, were reinforcing each other.
What drove gold in September 2024
- Fed begins easing with a 50bp cut (Sep 18)
- falling real yields
- weaker dollar
- momentum and ETF inflows returning
Key events in September 2024
- Sep 18Fed cuts rates 50bp; gold pushes past $2,600
What happened next
Gold extended to records above $2,700 in October before the US election.
For gold buyers in Nigeria
September's jumbo cut validated the rate-cut thesis that had driven gold all year — the easing cycle had finally begun.
Key terms this month
- Opportunity cost:
- The return given up by choosing one asset over another. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Related months to read
The 2024 gold market: Above $2,500 — breakout to new highs
2024 saw gold break decisively above $2,000 and reach $2,790 by year-end. Central-bank buying continued at record pace. Geopolitical tensions (Middle East, Ukraine) and Fed rate cuts beginning in September drove the rally. Year close: $2,624.
Key drivers in 2024
Fed cuts begin, central-bank buying records, BRICS expansion, Middle East tensions, USD weakness
2024 XAU/USD high
$2,790 (Oct)
2024 XAU/USD low
$1,991 (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 2024, Nigeria
₦3,953,972
$2,570.55/oz
₦3,856,728
$2,507.33/oz
₦3,855,220
$2,506.35/oz
₦3,845,984
$2,500.35/oz
₦3,881,639
$2,523.53/oz
₦3,890,522
$2,529.30/oz
₦3,856,628
$2,507.27/oz
₦3,857,358
$2,507.74/oz
₦3,874,509
$2,518.89/oz
₦3,890,199
$2,529.09/oz
₦3,937,944
$2,560.13/oz
₦3,977,983
$2,586.16/oz
₦3,983,451
$2,589.72/oz
₦3,983,451
$2,589.72/oz
₦3,979,305
$2,587.02/oz
₦3,999,717
$2,600.29/oz
₦3,991,496
$2,594.95/oz
₦4,038,941
$2,625.79/oz
₦4,052,961
$2,634.91/oz
₦4,052,961
$2,634.91/oz
₦4,098,299
$2,664.38/oz
₦4,107,874
$2,670.61/oz
₦4,131,001
$2,685.64/oz
₦4,113,673
$2,674.38/oz
₦4,100,868
$2,666.05/oz
₦4,100,868
$2,666.05/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 2024 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 2024 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 2024
What was the gold price in Nigeria in September 2024?
In September 2024, gold in Nigeria opened at ₦3,953,972/oz and closed at ₦4,100,868/oz — a move of +3.72% on the month. Per tola: ≈₦1,537,850; per gram: ≈₦131,846; per 10g: ≈₦1,318,459.
What was the 24K gold rate per tola in Nigeria in September 2024?
The 24K gold rate per tola in Nigeria at the September 2024 close was approximately ₦1,537,850, derived from international XAU/USD spot of $2,666.05/oz times the 2024-end NGN/USD exchange rate of 1,538.1812. 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 2024?
Nigeria's most-quoted retail standard is 24K per gram. At the September 2024 close, that worked out to approximately ₦131,714 (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 2024 (sourced from gold-api.com), multiplied by the 2024-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 2024-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.
How did the September 2024 Fed cut affect gold?
The Fed's larger-than-usual 0.50-point rate cut on September 18, 2024 lowered the opportunity cost of holding gold and weakened the dollar, helping push prices above $2,600 per ounce.
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 2024 archive or the USD-only September 2024 page with the country-by-country list at the bottom.
Other markets? Compare September 2024 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 2024-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.