How silver is priced in Nigeria
Silver in Nigeria is bought mainly as sterling (925) jewellery, sold by the piece or per gram, while bars and coins are priced from the international price per ounce or per kilo. The figures on this page are international spot silver converted at today's naira exchange rate — the metal value before VAT, dealer premiums and workmanship.
VAT and import costs
Silver has no special tax treatment in Nigeria. The Nigeria Tax Act 2025, in force since 1 January 2026, kept VAT at 7.5%, and silver jewellery, silverware and bullion are not among the main zero-rated or exempt categories, so a VAT-registered seller normally adds 7.5%. Almost all silver jewellery and bullion is imported and pays customs duty and levies under the ECOWAS common external tariff before it reaches the shop, which is part of why local prices sit above converted spot.
How local silver prices are set
There is no silver market or benchmark in Nigeria: sellers price from the international silver price in dollars, converted at the naira rate, and add their premium. Because the naira floats, a weaker currency lifts the local price even when world silver is flat. Silver also appears as a by-product of gold refining — the government's artisanal gold programme presented its first locally refined gold and silver bars in 2020 — but the volumes are small.
Buying tips
There is no compulsory hallmarking scheme for silver in general use, and silver-plated and nickel pieces are often sold as "silver". Look for a 925 or "sterling" stamp, ask for the weight and purity on the receipt, and use the calculator above with the 925 setting to see what the silver itself is worth. For bars, ask for the refiner's name and the buy-back price before you pay.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.