Nigeria imposes new taxes on crypto transactions and exchanges

Nigeria has introduced a comprehensive tax framework for digital assets, adding stamp duties and withholding taxes to transactions involving cryptocurrencies, stablecoins, NFTs and other virtual assets. The Nigeria Revenue Service (NRS) requires virtual‑asset service providers, centralized exchanges and peer‑to‑peer platforms to act as tax collection agents, automatically deducting taxes such as electronic transaction levies, value‑added tax and withholding tax at settlement. The rules also mandate that customers provide a Tax Identification Number when registering with regulated platforms.

Industry representatives warn the measures could curb the country’s vibrant retail crypto market. Obinna Iwuno of the Digital Assets Coalition said the design “places the highest transaction tax burden on one of the most mobile user bases in the world” and urged that “tax the profit, not the movement of money.” Nigeria, one of Africa’s largest cryptocurrency markets, introduced the rules as part of broader tax reforms aimed at expanding the revenue base and modernising public finances.