Here’s what a ₦1 million crypto trade could cost under Nigeria’s new tax rules

A ₦1 million ($733.92) Bitcoin transaction can attract multiple taxes amounting to ₦64,250 ($47.15) before accounting for exchange commission, blockchain network fees or any investment gains or losses, with the government’s take increasing as the asset appreciates before it is sold. That is because Nigeria’s new virtual asset tax framework no longer taxes only crypto profits. It taxes almost every stage of a virtual asset’s lifecycle.