Gold Price in Nigeria per Ounce

1 Gold Ounce = 1,610,228.46 Nigerian Naira

The following table shows the latest gold price in Nigeria in Nigerian Naira (NGN) per Ounce. The rates are updated every few minutes and are updated more frequently at times of strong price moves based on live spot gold price (Bid Price).

Gold prices per Ounce are converted from USD to Nigerian Naira according to the latest exchange rates where 1 USD = 803.50 Nigerian Naira.

Ounce is a unit for weighing gold used in Jewelleries in Nigeria. Today, Sunday 10 December 2023 in Nigeria, 1 Ounce of gold = 1,610,228.46 Nigerian Naira.

Commonly Used Gold Ounce Karats in Nigeria

Note: Do not be confused between the two terms of "Karat" and "Carat". Carat is a unit of weight for diamonds where 1 carat= 0.2 grams. While a karat is a unit of purity of gold where gold 18 karat means gold which is 18/24 pure i.e. the absolutely pure gold should be karat 24.

The following are commonly used Ounce karats in Nigeria as well as other countries:

• Karat 24 is also called (.999) and is 999/1000 pure. Practically, it is never used in making jewelleries in America and Europe but sometimes used in Asia. Today, Sunday 10 December 2023, the current price of gold Ounce 24K in Nigeria is 1,608,618.23 Nigerian Naira.
• Karat 22 is also called (.916) and is 916/1000 pure. Practically, it is rarely used in making jewelleries in America and Europe but is commonly used in Asia. Today, Sunday 10 December 2023, the current price of gold Ounce 22K in Nigeria is 1,474,969.27 Nigerian Naira.
• Karat 21 is also called (.875) and is 875/1000 pure. Practically, it is rarely used in making jewelleries except some countries in middle east. Today, Sunday 10 December 2023, the current price of gold Ounce 21K in Nigeria is 1,408,949.90 Nigerian Naira.
• Karat 18 is also called (.750) and is 750/1000 pure. Practically, it is sometimes used in making jewelleries in America and Asia, and it is the most common in Europe. Today, Sunday 10 December 2023, the current price of gold Ounce 18K in Nigeria is 1,207,671.34 Nigerian Naira.
• Karat 14 is also called (.585) and is 585/1000 pure. However, karat 14 should be 14/24 pure i.e. 583 but practically karat 14 is slightly higer in purity than this so it is called .585 and not .583. Practically, it is the most common in America and is sometimes used in Europe and rarely used in Asia. Today, Sunday 10 December 2023, the current price of gold Ounce 14K in Nigeria is 941,983.65 Nigerian Naira.
• Karat 12 is also called (.500) and is 500/1000 pure. Practically, it is rarely used. Today, Sunday 10 December 2023, the current price of gold Ounce 12K in Nigeria is 805,114.23 Nigerian Naira.
• Karat 10 is also called (.417) and is 417/1000 pure. Practically, it is sometimes used in Europe and never used in Asia. It is the minimum accepted standard in America. Today, Sunday 10 December 2023, the current price of gold Ounce 10K in Nigeria is 671,465.27 Nigerian Naira.
• Karat 9 is also called (.375) and is 375/1000 pure. Practically, it is sometimes used England and Canada. Today, Sunday 10 December 2023, the current price of gold Ounce 9K in Nigeria is 603,835.67 Nigerian Naira.
• Karat 8 is practically never used in USA and Asia. It is the minimum accepted standard in Europe. Today, Sunday 10 December 2023, the current price of gold Ounce 8K in Nigeria is 536,206.08 Nigerian Naira.