NRS Information Circular No. 2026/21 — Taxation of Virtual Assets · Circular 2026/21 ¶4
Crypto and other virtual assets: does this reach you?
If your business buys, sells, holds or is paid in crypto, the circular reaches you — not only exchanges.
Who this lands on: Any person or business that acquires, disposes of, exchanges or deals in virtual assets, is paid in them, or provides services around them.
NRS Information Circular No. 2026/21 — Guidelines on the Taxation of Virtual Assets was published on 31 July 2026. It sits on the Ninth Schedule to the Nigeria Tax Act, 2025 and on s.79 and the Fifth Schedule to the Tax Administration Act.
It applies to anyone who acquires, disposes of, exchanges or otherwise deals in virtual assets; receives income or payment in them; operates as a service provider or peer-to-peer marketplace; or earns Nigerian-taxable income from them.
So a trader who accepts USDT for a shipment, a consultant paid in tokens, and someone earning staking rewards are all inside it — the obligations are not limited to exchanges.
Anyone dealing in virtual assets must be registered and hold a Tax ID (¶12). Service providers must make a valid Tax ID a condition of opening an account.
The eNaira and other central bank digital currencies are outside the framework entirely (¶7.2.8) — they are treated like ordinary money.