Taxes · 🇳🇬 Nigeria
Crypto and tokenized asset taxes in Nigeria
Since 1 January 2026 the Nigeria Tax Act 2025 adds crypto gains to an individual's income, taxed at progressive rates of 0–25%. Platforms withhold 1% of sale proceeds as a credit.
Crypto
Gains
Progressive PIT 0–25% (replaces the old 10% CGT)
Tax-free allowance
First NGN 800,000 of total annual income taxed at 0%
Losses
Crypto losses only offset crypto gains (netted yearly in USD, converted to NGN); unused capital losses carry forward indefinitely against future crypto gains. Not usable against other income.
Also
NRS Information Circular 2026/21 (31 July 2026): licensed platforms (VASPs) withhold 1% of gross disposal proceeds on cryptocurrencies, security tokens and NFTs, credited against the final tax. No withholding on stablecoin sales; gains there are self-assessed. 1.5% stamp duty applies to token/fiat transactions.
Income and tokenized assets
Staking, lending, yield
Staking, mining, liquidity and DeFi rewards are taxable income on the date received, at market value, which then becomes the cost base. A 10% withholding applies to staking, mining, airdrop and DeFi income; if not deducted (e.g. foreign payer), the individual declares it in the annual return. Yield on yield-bearing stablecoins is treated like this yield income.
Tokenized stocks, bonds, funds
Tokenized equity, bonds, asset-backed and other tokenized assets are 'Category 3' virtual assets: gains are taxed as income on disposal, with 1% platform withholding and stamp duty. The NTA exemption for shares applies only to tokenized Nigerian stocks and shares, not to other Category 3 tokens. Tokenizing an asset without change of beneficial owner is not a disposal.
Tokenized gold
Asset-backed tokens such as tokenized gold fall under Category 3: gains taxed at progressive income tax rates on disposal; no specific gold rule.
Filing
Tax year
Calendar year (1 January – 31 December); individual return due within 90 days after year end (around 31 March)
Reporting
Individuals self-assess and file an annual return; NIN serves as tax ID. VASPs must register, report users' transactions and withhold taxes; withheld tax can be remitted in tokens. Nigeria is listed to start CARF exchanges by 2028.
Tax authority
Watch out
- The 1% platform withholding is a credit, not a final tax — the full gain must still be declared.
- Moving coins between your own wallets and locking coins for staking are not disposals.
- Crypto-to-crypto swaps can be taxable disposals.
- Crypto-backed loans are not income.
Sources
- NRS Information Circular 2026/21 – Guidelines on the Taxation of Virtual Assets · nrs.gov.ng
- PwC Tax Summaries – Nigeria, income determination · taxsummaries.pwc.com
- PwC Tax Summaries – Nigeria, personal income · taxsummaries.pwc.com
- PwC Tax Summaries – Nigeria, tax administration · taxsummaries.pwc.com
- TheCable – highlights of NRS virtual asset guidelines · thecable.ng
- Revenue Ireland – CARF reportable jurisdictions · revenue.ie
Not confirmed
- Exact conditions of the NTA share-disposal exemption (gain/proceeds thresholds, reinvestment window) were not confirmed.
- Whether the 10% withholding on staking etc. is final or a credit for individuals is not fully clear from the circular table.
- Existing summary is correct; it could add that losses only offset crypto gains and that the share exemption covers only tokenized Nigerian shares.
Researched 2026-11-01 for private individuals resident in Nigeria. Information, not tax advice — rules change; check the tax authority before you file.