Crypto tax in Nigeria
In Nigeria the supervising authority is the Federal Inland Revenue Service (FIRS). What follows explains which event creates a tax liability, what you have to be able to show, and the rules people most often get wrong.
What triggers tax
Gains realised on disposal of digital assets.
What you must record
Date, acquisition cost, disposal proceeds and fees for every trade.
The rules people get wrong
- Digital asset gains fall within the capital gains regime; confirm the current rate and thresholds before filing.
- Most Nigerian volume runs through P2P, which does not remove the obligation to declare.
- Keep records yourself - offshore platforms will not file on your behalf.
Getting it right
Keep a single record from your very first purchase. Reconstructing an acquisition cost years later, across platforms that may no longer exist, is the failure that costs people money - not the tax rate itself.
FAQ
Do I owe tax if I never converted to cash?
Often yes. In many jurisdictions swapping one crypto for another, or paying with it, is itself a taxable disposal even though no ordinary currency moved.
What if I only made a loss?
You usually still have to declare. A declared loss can often reduce a future liability, but only if you recorded and reported it.
Does self-custody remove the obligation?
No. Holding your own keys changes who controls the asset, not who owes the tax.
The exchange is abroad - does it report for me?
Do not assume so. Cross-border reporting frameworks are expanding, but the obligation to declare is yours regardless.
This page is educational and is not tax advice. Rates and thresholds change; confirm the current figures with the Federal Inland Revenue Service (FIRS) or a qualified adviser before you file.