Nigerian crypto tax framework matured through 2024–2026 alongside the SEC VASP regime. Crypto disposals (selling for naira) are taxable as ordinary income for most retail users; capital gains rules apply for held-as-investment cases. The exact treatment depends on your activity profile.
This is a practical guide, not legal advice. Consult a Nigerian tax practitioner for your specific situation. The information below reflects general 2026 framework expectations.
What's in this guide
1. What's taxable
Conversion of crypto to naira (or to another crypto) is a disposal. Income from foreign clients in crypto is taxable income at the time of receipt. Hold-and-not-sell isn't taxable.
2. Records to keep
Date, coin, amount, naira value at conversion, transaction hash. Monica's history export covers all of this.
3. Cost basis
For coin-to-coin trades, you need cost basis tracking. For pure freelance income → naira, the naira value at receipt is the basis.
4. Filing
Standard FIRS filing channels. Crypto income is included on the relevant income/business tax return form.
FAQ
Is crypto income taxable in Nigeria?
Yes at standard income tax rates for most users.
What records does FIRS expect?
Transaction-level history with naira valuations.
Can Monica provide tax records?
Yes the app exports CSV and PDF transaction history.
This is legal advice?
No consult a Nigerian tax practitioner.