Profit calculation in Nigeria has two tricky parts: (1) tracking cost basis when you've bought multiple times, (2) accounting for USD/NGN movement separate from crypto movement.
This guide covers FIFO vs average cost, the naira-USD complication, and how Monica's history simplifies both.
What's in this guide
1. Cost basis methods
FIFO: first in, first out. Average cost: total naira / total crypto. Both legal in Nigeria.
2. USD/NGN factor
Crypto can be flat in USD but you're up in NGN if naira weakened. Track both numbers.
3. Monica history export
CSV export gives you every transaction with naira valuation at the time. Direct input to spreadsheet or accounting tool.
FAQ
FIFO or average?
FIFO is more common; consult tax practitioner.
USD/NGN matters?
Yes — track both naira-denominated and USD-denominated PnL.