How trading profits are taxed in Nigeria
Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS). Framework changed under the Nigeria Tax Act 2025 and Nigeria Tax Administration Act 2025, effective 1 January 2026. Individuals: forex/CFD gains generally taxed as part of personal income under progressive Personal Income Tax bands (as of the review): 0% on first N800,000; 15% on N800,000-N3m; 18% on N3m-N12m; 21% on N12m-N25m; 23% on N25m-N50m; 25% above N50m. Residents self-declare worldwide income, including offshore broker accounts. Allowable trading expenses may be deductible. Rates 'as of the review' - verify with nrs.gov.ng.
The detail
Moving money in and out
Yes. Moving money abroad is constrained by CBN FX rules. After a 2020-2022 clampdown (naira-card international spend cut to as low as USD 20/month), 2025 reforms restored international naira-card use, but banks set caps: e.g. GTBank ~USD 1,000 per quarter (incl. USD 500 ATM), First Bank ~USD 500 per month; industry-cited annual card allowance around USD 4,000. PTA/BTA travel allowances channelled through banks. These limits directly constrain funding/withdrawing with foreign brokers via naira cards. Figures policy-dependent 'as of the review' - verify with cbn.gov.ng and your bank.
Local rails widely supported by offshore brokers: bank transfer via major Nigerian banks (GTBank, Zenith, UBA, First Bank) plus gateways Paystack and Flutterwave; fintechs Paga, Kuda, PalmPay, Carbon; Nigerian debit/verve cards. Some brokers (Exness, HFM) offer NGN base-currency accounts; most accounts remain USD, naira converted at deposit/withdrawal (FX spread applies). Local bank transfers typically 1-3 business days; wallet/gateway deposits often instant to same-day.
What this means for choosing a broker
Tax is charged on what you made, not on where the broker is. What the broker's location does change is the paperwork you will have: a local entity reports in Nigeria, a foreign one does not, and the statement you file comes from whichever entity signed you.
We are not tax advisers and nothing here is advice. The figures above are the published rules as we read them on the date on this page.
FAQ (2)
Are trading profits taxed in Nigeria?
Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS). Framework changed under the Nigeria Tax Act 2025 and Nigeria Tax Administration Act 2025, effective 1 January 2026. Individuals: forex/CFD gains generally taxed as part of personal income under prog
Does it matter whether the broker is local or offshore?
For the tax owed, no. For the paperwork and the ease of moving money, yes.