The Nigeria Revenue Service (NRS) has introduced a 1.5% stamp duty on cryptocurrency conversions, requiring taxes to be collected whenever fiat currency is exchanged for virtual assets or virtual assets are converted into fiat currency, in a move that brings greater tax certainty to Nigeria’s rapidly expanding digital asset market.
The measure is contained in the Guidelines on the Taxation of Virtual Assets, issued on July 31, 2026, which establishes Nigeria’s most comprehensive tax framework yet for virtual asset transactions involving taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, financial institutions and other participants in the country’s digital asset ecosystem.
The guidelines clarify tax obligations, reporting requirements, valuation methods, collection mechanisms and enforcement procedures governing cryptocurrency and other virtual asset transactions.
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