Bitcoin in Nigeria: rules, tax and how it's priced
In Nigeria bitcoin is quoted as the naira price of one whole BTC (₦ per BTC), and many people also compare against the dollar or USDT rate. The figures on this page are the international BTC/USD price converted to NGN at today's official exchange rate. They are shown before exchange fees, spreads and any local premium, so P2P and app prices can differ, especially when the naira is volatile.
Is bitcoin legal in Nigeria?
Yes. Owning and trading bitcoin is legal, but it is not legal tender. The Investments and Securities Act, 2025, in force since 25 March 2025, counts virtual and digital assets as securities. It gives the Securities and Exchange Commission (SEC) power to register and supervise crypto exchanges and other virtual asset service providers. The SEC has granted approvals to some local exchanges under its incubation programme. In August 2026 it published draft Rules on Digital and Virtual Assets Operations, Custody and Markets, which would replace its 2022 rules. On 22 December 2023 the Central Bank of Nigeria (CBN) issued guidelines that ended its 2021 restriction and let banks open accounts for licensed VASPs. Banks still cannot trade crypto on their own account.
How crypto is taxed in Nigeria from 2026
The Nigeria Tax Act, 2025 took effect on 1 January 2026. It lists digital assets among chargeable assets. For individuals, crypto gains are no longer taxed at the old flat 10% capital gains rate. Instead they are added to your other income and taxed at personal income tax rates. The first ₦800,000 of total annual income is tax-free, and rates then rise in bands from 15% up to 25%. Exchanges must report customer transactions to the tax authority. A provider that fails to report faces a ₦10 million penalty in the first month and ₦1 million for each further month. Keep a record of the naira cost of every purchase.
Buying bitcoin in Nigeria
Nigerians have long relied on peer-to-peer (P2P) trading, often going through USDT, to move between naira and crypto. The market changed in March 2024 during a government crackdown that linked crypto platforms to the naira's fall. Binance turned off P2P for Nigerian users and then ended all naira services on 8 March 2024. Since then, buyers have used SEC-approved local exchanges, other P2P venues and international apps. Because SEC registration is now required, check the SEC's register before using a platform. Naira prices on P2P markets can differ noticeably from the official-rate conversion shown here.
Legal and tax information last reviewed October 2026. Crypto rules change quickly — check with the regulator or tax authority, or a qualified adviser, before acting. This is not tax, legal or investment advice.