Nisab is the minimum amount of wealth that you must have in your possession for a lunar year before you are obligated to pay Zakat.
The Nisab was set by the Prophet Muhammad (peace be upon him) at a rate equivalent to 87.48 grams of gold or 612.36 grams of silver. The monetary equivalent varies yearly. As at 06 April 2020, it was N1,840,800.00 as reported by the National Moonsighting Committee Nigeria.
Please check the Nisab with your local Islamic organizations or authorities before calculating and paying.
1b Udi Street Osborne Foreshore Estate Osborne Road Ikoyi, Lagos Nigeria.