Silver Price in Nigeria Today (May 2024)

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Silver is a precious metal that has many industrial and investment uses. For those looking to invest in silver in Nigeria, having accurate and up-to-date information on silver prices is essential.

This article provides a comprehensive overview of the current silver price in Nigeria and the factors that influence it. However, you might want to read about the latest price of Gold in Nigeria.

Silver Price in Nigeria

Latest Silver Prices in Nigeria

Below are the latest silver prices in Nigeria as of today, October 13, 2023:

Silver TypePrice
Spot Silver Price₦17,542.05
Silver Price per Gram₦564.05
Silver Price per KG₦564,052.96
Silver Price per Tola₦6,579.00
Sterling Silver Price₦521.75

What Influences Silver Prices in Nigeria?

Silver prices in Nigeria are impacted by several factors:

  • Global Prices – As a globally traded commodity, prices are significantly influenced by global supply and demand. Factors like mining outputs and economic conditions affect global prices which filter down to Nigeria.
  • Inflation – Rising inflation typically leads to higher silver prices as it is seen as a hedge against inflation. When inflation rises in Nigeria, silver prices also tend to increase.
  • Exchange Rates – Silver is priced globally in US dollars. The USD to Naira exchange rate impacts silver prices in local currency. A weaker Naira leads to higher silver prices in Naira terms.
  • Import Costs – High import duties and taxes in Nigeria make silver more expensive compared to global rates. Fluctuations in import costs also impact silver prices.
  • Purity Levels – The purity of silver determines its price. Pure silver (99.9%) is more expensive than sterling (92.5%) silver per gram.

Silver Price Fluctuations in Nigeria

Silver prices are highly dynamic and can fluctuate daily based on market forces. Some key trends were seen in Nigeria’s silver prices over the past week.

This indicates the volatile nature of silver prices in Nigeria driven by factors like those mentioned above.

Reliable Resources for Silver Prices in Nigeria

For investors and those planning to buy silver, having access to reliable and up-to-date silver price information is vital. Below are some useful resources:

  • LivePriceofGold.com – This website provides real-time silver price updates for Nigeria and globally. It offers prices for different silver products like coins, bars, etc.
  • GoldPriceZ.com – This site has a dedicated section for daily silver rates in Nigeria per gram, tola, ounce, etc. Historical price charts are also available.
  • Gold-Rate.co.in – Along with gold rates, this website publishes daily silver prices in Nigeria along with insights, trends and analysis.

Conclusion

Staying updated with current silver rates and market trends is key for investors looking to buy silver in Nigeria. With access to accurate pricing information and market analysis, informed investment decisions can be made.

Key Takeaways

  • Reliable websites like LivePriceofGold.com provide real-time silver price updates for Nigeria.
  • Historical price charts and market analysis is available on GoldPriceZ.com and Gold-Rate.co.in.
  • These resources offer prices across various silver products and purity levels.
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