The Nigeria Revenue Service (NRS) has published detailed guidelines implementing a 30% income tax on cryptocurrency transactions, marking a decisive shift in the country's regulatory approach to digital assets.
The new framework, derived from the Nigeria Tax Act of 2025, also introduces penalties of up to N10 million for entities or individuals found in violation of reporting requirements.
This move places Nigeria among the more aggressive jurisdictions in Africa regarding crypto taxation, following similar tightening measures in neighboring markets.
The guidelines aim to close loopholes that have previously allowed significant volumes of digital asset trading to occur outside the formal tax net, thereby expanding the government's revenue base while increasing compliance burdens for local exchanges and traders.
The directive aligns with a broader regional trend where emerging markets are moving from ambiguity to strict enforcement.
India, for instance, recently issued guidance mandating that cryptocurrency exchanges and intermediaries strictly report transaction data to eliminate blind spots in digital asset trading.