Nigeria Tax Administration Act, 2025 · Circular 2026/21 ¶9.4
Netting the year, and what happens to losses
Gains and losses net off across the year — but virtual-asset losses only ever meet virtual-asset gains.
Who this lands on: Anyone with more than one disposal in a year.
Every disposal in the year is computed in dollars, converted to naira at the rate on its own transaction date, and the naira figures are added together to give the net assessable amount for the year.
Tax already withheld by service providers is credited against the final liability, and any balance is paid or refunded through the annual return.
Losses on virtual assets can only be set against gains on virtual assets. They cannot reduce your trading profit, and a loss elsewhere in the business cannot reduce a virtual-asset gain — s.27 of the Tax Act.
Unused losses carry forward indefinitely, still ring-fenced to future virtual-asset gains.
A loss on a deal with someone connected to you is computed on the market value of the asset, not on whatever was actually paid.