Nigeria’s crypto exchanges must now report trades, but enforcement remains unclear
- Nigeria's new tax policy for cryptocurrency transactions took effect in January 2026, requiring exchanges to log trades into a government portal.
- The Nigeria Revenue Service oversees the new system, which aims to calculate applicable taxes on digital asset transactions.
- Industry executives highlight enforcement gaps and regulatory uncertainty as potential barriers to the successful implementation of the tax policy.
The push for taxation in Nigeria's cryptocurrency sector is a necessary step towards formalizing the market and generating revenue. However, without clear regulations and effective enforcement mechanisms, the initiative risks alienating compliant local exchanges and pushing users towards unregulated offshore platforms. A balanced approach that fosters compliance while ensuring fair competition is crucial for the success of this policy.
