Buying or selling crypto in Nigeria just became more expensive - what changed?

If your business touches cryptocurrency in any way - accepting it, converting it, or using Stablecoins to move money - there's a new rule you need to know about.

What actually happened

On 31 July 2026, the Nigeria Revenue Service released detailed guidelines introducing a 1.5% stamp duty on Crypto-to-Naira and Naira-to-Crypto conversions. It's part of a broader tax framework that also covers staking rewards, NFTs, and other digital asset activity, and it applies whenever a conversion happens through an exchange or another recognised platform.

The way it's collected is unusual: instead of deducting Naira from a bank account, the platform withholds the duty directly from the digital asset itself. So if you convert Naira to Bitcoin, you don't receive the full amount you paid for - a small slice of it goes straight to the tax authority before it ever reaches your wallet. This sits on top of an existing ₦50 stamp duty that already applies to Naira withdrawals of ₦10,000 or more, so a single transaction can end up carrying more than one charge.

This matters beyond individual crypto traders. Nigerian businesses - particularly those using Stablecoins like USDT or USDC to settle payments abroad, or platforms built around crypto rails to work around foreign exchange shortages - will need to account for this cost directly in their pricing and margins.

What this means for you

If your business uses crypto or Stablecoins anywhere in how you move money - for cross-border payments, settlement, or as part of a product you offer customers - build the 1.5% into your cost calculations now rather than discovering it in a reconciliation later. If you run a platform where customers convert between Naira and digital assets, you're likely responsible for withholding and remitting this duty yourself, which is a compliance obligation worth getting right from day one rather than fixing after the fact.

If you're not sure whether this applies to how your business currently operates, it's worth a proper look rather than a guess - the guidelines are detailed, and the cost of getting it wrong is higher than the cost of checking.