Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced that virtual currencies, including cryptocurrencies, will now be subject to Nigeria’s tax laws.
Oyedele made this known during an online public lecture organised by the Capital Market Academics of Nigeria (CMAN) on Wednesday.
He explained that virtual currency refers to digital or electronic value that exists only online and is typically issued by private developers or virtual communities. While some are limited to designated platforms, convertible virtual currencies—such as cryptocurrencies—can be exchanged for real money.
According to him, under the new law, returns from virtual currency transactions will now be taxable. However, he emphasised that the Nigerian capital market remains exempt from capital gains tax, presenting a strategic opportunity for investors.
“Virtual currency under the new law is liable to tax. Capital market gains for virtually everybody are exempted, so why are we not telling our young people that the returns on our capital market are better and it is exempted?” Oyedele said.
He expressed concern that misinformation has discouraged young Nigerians from participating in regulated markets.
“If you go and ask any young person on the street now to invest in the market, he or she will tell you that there is 30% tax on it, and that is misinformation. Real people make bad decisions when misinformed. Narratives drive sentiments, and the latter creates our reality,” he added.
The new tax direction is expected to improve transparency in digital asset transactions while deepening participation in the formal investment ecosystem.
