Gold Price Nigeria
The country of Nigeria is known officially as the Federal Republic of Nigeria. Located in West Africa, the country borders Chad, Cameroon, Benin and Niger. The nation is comprised of 36 states and the Federal Capital Territory, where the nation’s capital city of Abuja is located. The official language of Nigeria is English, although numerous other languages are spoken in the country including Yoruba, Igbo, Edo and more. The nation’s government is classified as a federal presidential republic. Nigeria has a population of approximately 186 million, and the country became a formally independent federation in 1960. The nation has had a stable democracy since 1999 after going back and forth from elected civilian governments and military dictatorships for much of the three decades following the end of the civil war in the country in 1970.
The official currency of Nigeria is the naira. Like many other global currencies, the naira can be subdivided into 100 smaller units of currency known as kobo. The currency was introduced in 1973, replacing the pound. The naira had a peg to the U.S. Dollar for a period of time, but was then allowed to float in June of 2016.
The Naira is issued and controlled by The Central Bank of Nigeria. The central bank is the only institution with the authority to issue legal tender money within the federation. Like many other central banks, the Central Bank of Nigeria has numerous duties in addition to currency management. Some of the duties include maintenance of monetary and price stability, maintenance of the country’s reserves and even acting as a financial advisor to the federal government.
If you are looking to buy gold in the country, you will likely see prices quoted in the local currency, although quotes may also be available in alternative currencies. Gold is typically quoted by the ounce, gram or kilo.
Nigeria is considered an emerging market, and its economy ranks in the top 25 globally for nominal GDP. It has the biggest economy in Africa, and some of its main areas of focus include oil refining, tobacco, pulp paper products, chemicals, iron, steel, cement, food products and more.
There is some resource mining that takes place in the country, but it is not a significant contributor to GDP. The nation’s oil revenues contribute substantially to the government’s revenues, although oil accounts for less than 10 percent of the nation’s GDP.
As the nation’s economy becomes more advanced, and as per-capita GDP grows, the desire for investments such as gold could potentially increase. Gold has long been considered a reliable store of wealth and value, and its history as such dates back thousands of years. The metal can also potentially provide a meaningful hedge against inflationary pressures, and as such may become more desirable in Nigeria which has seen rampant inflation since the naira was introduced.
Gold is available as an investment in several forms, including bullion bars, coins and collectible coins. Even gold jewelry can be purchased for investment purposes.