Crypto tax in Nigeria

What changed

• 1 January 2026: the Nigeria Tax Act and the Nigeria Tax Administration Act 2025 took effect. They bring crypto, or virtual assets, clearly into the tax system.
• 31 July 2026: the Nigeria Revenue Service (NRS) issued guidelines on taxing virtual assets. They cover income tax, VAT and stamp duty, and set out what crypto platforms must do.
• The NRS collects these taxes. It replaced the old Federal Inland Revenue Service (FIRS).

What is taxed

• Profit when you sell or swap crypto. When you dispose of crypto for more than you paid, the gain is taxed as personal income at the normal rates. Simply holding crypto is not taxed.
• Rewards. Staking, mining, airdrop and DeFi rewards are treated as income when you receive them.
• Stamp duty of 1.5% on conversions between crypto and naira, in either direction.
• VAT of 7.5% on the fees platforms charge, such as exchange or custody fees. The transfer itself carries no VAT.

What is not taxed

• Moving crypto between wallets you own.
• Holding crypto, even if its price goes up, until you sell or swap it.
• Locking crypto up for staking, minting NFTs and using crypto as collateral for a loan.

What crypto apps must now do

• Collect your TIN before your account is fully active. For individuals, the TIN is generated from your NIN.
• Withhold and pay the stamp duty, any withholding tax and VAT to the NRS. Reporting from August 2026 says this includes 1% withheld from disposal proceeds, with stablecoin sales exempt.
• Report customer activity to the tax authorities every month, and flag large or suspicious transactions.
• Platforms face heavy fines for not complying: ₦10 million for the first month and ₦1 million for each month after.

What you should do

• Get your TIN. It is linked to your NIN. Expect your crypto apps to ask for it.
• Keep records of every buy, sell and swap: the date, amount, naira value and fees. You need them to work out gains.
• Report your gains when you file your personal income tax.
• Don't spread your crypto across unverified apps or P2P traders to avoid checks. Platforms report activity, and penalties apply for not registering (₦50,000 for the first month, then ₦25,000 a month) and for not keeping records.
• If you trade a lot or earn from crypto as a business, speak to a tax adviser.

Using Palremit

Palremit verifies every account, and your transaction history in the app records every deposit, swap and cash out, with a reference ID for each. That makes it easier to keep the records you need. You see the rate and any fees before you confirm a swap.