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In this alert:
Taxing the intangible: A critical analysis of the NRS guidelines on taxation of virtual assets
Nigeria's regulatory posture towards virtual assets has softened considerably in recent years. From the Central Bank of Nigeria's initial restrictions on banks dealing in cryptocurrency, through to the licensing framework introduced by the Securities and Exchange Commission and the recent tax reforms, the regulatory landscape has progressively moved towards formalisation rather than prohibition.
On 31 July 2026, the Nigeria Revenue Service (NRS, formerly the Federal Inland Revenue Service) published Information Circular No. 2026/21 “Guidelines on the Taxation of Virtual Assets”. It is the first comprehensive administrative framework for the taxation of virtual assets (VAs) in Nigeria and published at a time when digital asset activity has become a significant and growing feature of the Nigerian economy.
This tax alert examines the key positions taken by the NRS, practical implications, and open questions arising from the Guidelines.
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