On Monday, the Nigeria Revenue Service (NRS) issued new virtual asset tax guidelines that impose a 1.5 % stamp duty on token‑to‑fiat and fiat‑to‑token transfers. The guidelines require registered crypto exchanges and other virtual asset service providers (VASPs) to withhold the tax from the digital assets credited to a buyer’s wallet before remitting it to the government. “Income tax deducted at source and stamp duty shall be remitted to the Service in the originating token of the transaction,” the tax authority said.
The move marks Nigeria’s most comprehensive attempt yet to bring cryptocurrency transactions into the country’s tax system. In addition to introducing a 1.5 % stamp duty on eligible virtual asset transactions, the guidelines effectively turn crypto exchanges into tax collectors by requiring them to deduct taxes in digital assets before users receive their tokens. The framework also clarifies how income tax, value‑added tax (VAT), and stamp duty will apply to activities including trading, staking, mining, and other virtual asset transactions. “These Guidelines are issued for the information and guidance of taxpayers, Virtual Asset Service Providers (VASPs), Peer‑to‑Peer (P2P) marketplace operators, tax consultants, financial institutions, and all persons engaged in Virtual Assets (VA) activities,” the NRS wrote.
To illustrate how the levy works, the NRS noted: “User A pays ₦1,000,000 to acquire 1 BTC at a market price of ₦1,000,000 per BTC. Stamp duty at 1.5 % = 0.015 BTC withheld from token credited to User A.” “Net BTC credited to User A = 0.985 BTC. Seller receives ₦1,000,000 in full. VASP remits 0.015 BTC to NRS. User A later sells 0.985 BTC at ₦2,000,000 per BTC (proceeds = ₦1,970,000). User A receives ₦1,970,000 in full. Buyer receives 0.985 BTC less 1.5 % stamp duty = 0.970225 BTC.”
The new rules go beyond the ₦50 ($0.037) stamp duty that already applies to electronic withdrawals of ₦10,000 ($7.33) and above. In January, exchanges such as Quidax notified users that the charge would apply to qualifying naira withdrawals under the Nigeria Tax Act (NTA) 2025. “We’d like to share a quick update regarding recent changes under the Nigeria Tax Act 2025 and how they affect your Quidax withdrawals,” Quidax told customers in an email on January 15, 2026. “Going forward, a ₦50 stamp duty charge will apply to any withdrawal of ₦10,000 or more.”
The latest guidelines introduce a separate 1.5 % stamp duty on eligible virtual asset transactions and extend to transactions facilitated through a VASP or other recognised intermediary, where the VASP or intermediary shall deduct and remit the applicable stamp duty. Where a virtual asset is used to settle a transaction that independently attracts stamp duty under the NTA, the applicable duty on the underlying instrument is also payable.
For crypto users, the practical effect means buying digital assets now becomes more expensive. Every eligible transaction now carries a 1.5 % stamp duty, while users may also incur VAT on exchange service fees and income tax where gains arise, depending on the nature of the transaction.
