Silver Price in Nigerian Naira (₦) Today
Live silver price converted to Nigerian Naira (NGN) using real-time exchange rates. Prices shown for .999 fine, .925 sterling, .900 coin, and .800 silver purities.
The current price of silver in Nigerian Naira is ₦98,220.36 per troy ounce for .999 fine silver. Sterling silver (.925) is worth ₦90,853.83 per ounce.
.999 Fine
₦98,220.36
.925 Sterling
₦90,853.83
.900 Coin
₦88,398.32
.800 Silver
₦78,576.29
Data source: TwelveData XAG/USD spot price × NGN/USD exchange rate. Last updated: 3/25/2026, 7:12:45 PM
Silver Price by Quantity (NGN)
| Quantity | .999 Fine | .925 Sterling | .900 Coin | .800 Silver |
|---|---|---|---|---|
| 1 Troy Ounce | ₦98,220.36 | ₦90,853.83 | ₦88,398.32 | ₦78,576.29 |
| 1 Gram | ₦3,157.86 | ₦2,921.02 | ₦2,842.07 | ₦2,526.28 |
| 10 Grams | ₦31,578.56 | ₦29,210.16 | ₦28,420.70 | ₦25,262.84 |
| 100 Grams | ₦315,785.56 | ₦292,101.64 | ₦284,207.00 | ₦252,628.45 |
| 1 Kilogram | ₦3,157,855.58 | ₦2,921,016.41 | ₦2,842,070.02 | ₦2,526,284.46 |
| 1 Tola (11.66g) | ₦36,820.60 | ₦34,059.05 | ₦33,138.54 | ₦29,456.48 |
| 5 Troy Ounces | ₦491,101.81 | ₦454,269.17 | ₦441,991.62 | ₦392,881.44 |
| 10 Troy Ounces | ₦982,203.61 | ₦908,538.34 | ₦883,983.25 | ₦785,762.89 |
Silver Prices in Nigerian Naira: What You Need to Know
Nigeria's precious metals market is growing rapidly as citizens seek alternatives to the volatile naira. Silver prices in Nigerian naira have seen extraordinary gains driven by the naira's sharp devaluation following the CBN's exchange rate unification in 2023. With limited formal investment options and persistent inflation, precious metals are gaining traction as stores of value among Nigeria's large, young population.
Tax, VAT & Import Duties
Silver purchases in Nigeria attract 7.5% VAT. Import duties on precious metals vary by classification. The Central Bank of Nigeria (CBN) does not specifically regulate precious metals investment, though the Securities and Exchange Commission (SEC) oversees investment products. Capital gains tax of 10% applies to gains from asset disposal, though enforcement on physical precious metals transactions remains limited.
How Silver Is Traded in Nigeria
Nigeria's precious metals market operates primarily through the Computer Village and Broad Street dealers in Lagos, as well as markets in Kano, Abuja, and Port Harcourt. The Nigerian Bullion Association provides some market structure. Online precious metals platforms are emerging. Gold is more established than silver as an investment, but silver's lower price point is attracting a growing number of retail investors.
How Silver Price in NGN Is Calculated
The silver price in Nigerian Naira is calculated by multiplying the global XAG/USD spot price by the current NGN/USD exchange rate. Today's rate: 1 USD = 1,376.1364 NGN.
Formula: Silver Price (NGN) = XAG/USD Spot Price × NGN/USD Rate
Example: $71.37 × 1376.1364 = ₦98,220.36 per troy ounce
Frequently Asked Questions
How much is 1 ounce of silver in Nigerian Naira today?
One troy ounce of .999 fine silver is currently worth ₦98,220.36 (NGN). Sterling silver (.925 purity) is worth ₦90,853.83 per troy ounce. Prices are converted from the live XAG/USD spot rate using real-time exchange rates.
Why has silver risen so dramatically in Nigerian naira?
The naira's sharp devaluation following the CBN's exchange rate unification in 2023 — from around NGN 460/USD to over NGN 1,500/USD — has caused naira-denominated silver prices to triple or more. Nigerians who held silver before the devaluation preserved their purchasing power while naira savings lost significant value.
Where can I buy silver in Nigeria?
Lagos has the most active precious metals market, with dealers in the Computer Village area and on Broad Street. Kano, Abuja, and Port Harcourt have regional dealers. Online platforms are emerging but trust remains an issue. Verify dealer credentials and product authenticity carefully. The Nigerian Bullion Association can help identify registered dealers.
Is silver more accessible than gold for Nigerian investors?
Yes. At roughly 1/80th the price of gold per ounce, silver offers a much lower entry point. This accessibility is driving growing interest among Nigerian retail investors and savers who cannot afford gold. Silver can be purchased in small quantities (1-10 grams) from dealers, making it feasible even for modest budgets.
What should I know before buying silver in Nigeria?
Verify authenticity — counterfeit products exist in the market. Buy from established dealers or those registered with the Nigerian Bullion Association. Understand the premium over international spot prices (which includes import costs, duties, and dealer margins). Consider storage security, as home safes or bank safe deposit boxes are recommended for valuable holdings.