Nigeria gold holds steady at ₦178k/gram as naira strength offsets global pressures

Nigeria’s gold price remains steady at ₦178,000 per gram even as the naira appreciates and the US Federal Reserve maintains a hawkish stance. In Lagos, Kano and Abuja markets, sellers usually add a 5%–10% domestic premium to the dollar‑quoted spot rate, so the local price reflects both global bullion trends and currency movements. The strengthening naira makes dollar‑priced gold cheaper in naira terms, which has kept prices in a narrow band around the ₦175,000–₦177,000 support zone where retail jewelry buyers and private asset‑protection investors remain active. Technical indicators show the 20‑day simple moving average flattened near ₦179,000/gram and the 14‑day RSI hovering between 48 and 52, signalling a neutral balance between buying and selling pressure.

Fundamentally, the Central Bank of Nigeria’s National Gold Purchase Program (NGPP) continues to buy locally refined gold in naira, providing a structural floor that cushions foreign reserves against devaluation. Meanwhile, softer US jobs data has cooled inflation expectations, tempering expectations of more aggressive Federal Reserve rate hikes, while a bearish dollar and intermittent US Treasury yield rebounds have limited upside for global bullion. Traders are advised to watch for a sustained close above ₦182,000/gram as a possible breakout signal, but should also consider the NGPP’s floor and the impact of naira‑exchange‑rate moves when deciding whether to accumulate gold at current levels or wait for clearer directional cues.

SOURCE: https://nairametrics.com/2026/10/14/nigeria-gold-holds-steady-at-n178k-g-despite-strong-naira/