The Nigerian authorities have introduced a 15% tax on income from trading in cryptocurrency and virtual assets. The new tax regime is scheduled to take effect in January 2026, and the tax will be levied as part of the personal income tax.
The Nigerian Tax Reform Committee has described the new digital asset trading tax as the first official government revenue from cryptocurrency transactions. Prior to 2023, such transactions through financial intermediaries licensed by the Central Bank of Nigeria (CBN) were prohibited.
The regulator expects that the need to pay the new tax will lead to regular reporting on transactions in the Nigerian digital asset market.
“Investing in cryptocurrency is not a crime. The new law, which will come into effect in January, is fair, balanced, and competitive on a global scale. It will tax you if you make a profit from cryptocurrency and completely ignore losses. If your net profit is small and below the threshold of 800,000 naira ($545), your tax will be 0%,” announced the chairman of the Committee, Taiwo Oyedele.
According to the new rules, Nigerian crypto traders are required to independently report their profits, and financial intermediaries are required to keep records and report transactions to government oversight agencies.
Previously Chairman of the Economic and Financial Crimes Commission of Nigeria (EFCC) Ola Olukoyede called cryptocurrencies the new oil that allows you to earn a lot of money.
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