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The short answer
Sale proceeds arrive in naira, so moving them depends on converting through a route your Nigerian bank accepts. That is easiest if the property was bought with foreign money brought in through an authorised dealer and documented with a Certificate of Capital Importation. Under the Nigeria Tax Act 2025 the gain is taxed at personal income tax rates. If you are an Australian tax resident, the ATO says you may also owe Australian capital gains tax on the sale.
Before the money moves: Nigerian tax on the gain
Bloomberg Tax's summary of the Nigeria Tax Act 2025 says the flat 10% capital gains tax for individuals has ended. Gains are now added to income and taxed at personal income tax rates, with the first ₦800,000 of total income exempt and a top marginal rate of 25%. The gain is the sale proceeds minus acquisition cost, enhancement spending and incidental costs (legal, valuation, brokerage, advertising, stamp duty), with no indexation for inflation. A principal private residence exemption is available once. For the full rules, see capital gains tax after the Nigeria Tax Act 2025.
Worked example (illustrative): you bought a flat for ₦40,000,000, spent ₦5,000,000 on improvements, and sell for ₦90,000,000 with ₦4,000,000 of legal and agency costs. The gain is 90,000,000 - 40,000,000 - 5,000,000 - 4,000,000 = ₦41,000,000. That amount is added to your income for the year and taxed at the applicable bands. Keep every receipt: without them the deductible costs are hard to prove.
Converting the naira
This is where sales stall. Selling property for naira does not by itself give you a right to buy foreign currency to send abroad. Which route is open depends on how the purchase was funded:
| How you bought the property | Route for the proceeds |
|---|---|
| With foreign currency brought in through an authorised dealer bank, with a Certificate of Capital Importation | The CCI framework is designed to allow repatriation of the capital and returns through the authorised dealer |
| With money brought in through a Non-Resident Nigerian Investment Account | Naira balances repatriable on evidence of the earlier foreign inflows and the investment proceeds |
| With naira earned or saved in Nigeria | No general repatriation right; ask your bank which conversion route, if any, it will accept |
Resolution Law Firm's guide to repatriation explains that a CCI is issued by the authorised dealer, usually a commercial bank, for capital imported as cash, debt, equity or goods. The CBN's framework for Non-Resident Nigerian accounts, as summarised by Lexworth, makes naira balances in an investment account repatriable only with evidence of the prior foreign inflows. If you have neither, plan for the conversion to take time, or for some of the proceeds to stay in Nigeria. See Certificates of Capital Importation from Australia.
Documents both banks will want
- The deed of assignment or sale agreement, signed and dated, showing price and parties.
- Your original purchase documents and title (C of O or Governor's consent, where applicable).
- Evidence of capital gains tax assessed and paid.
- Statements showing the buyer's payment arriving in your account.
- The CCI or NRNIA records, if the purchase was funded from abroad.
- Your ID, matching the name on the title and the account.
Tell your Australian bank before the transfer and ask what it needs. A large payment from Nigeria with a sale agreement and tax receipt attached is far easier to clear than one without.
Australian tax on the sale
The ATO says Australian tax residents may have to pay Australian capital gains tax when they sell an overseas asset, and should keep a record of the asset's value at the relevant times. Nigerian tax paid on the gain may count towards a foreign income tax offset, with proof of payment. Every amount is converted to Australian dollars. Temporary residents are treated differently for most foreign income; check your status. See Australian CGT on selling a house in Nigeria. This is information, not advice.
Timing and exchange rate risk
Lagos sales can take months from offer to completion, and the naira rate can move a long way in that time. If the price is agreed in naira and you intend to convert, your Australian dollar result is uncertain until the conversion happens. Some sellers agree a price in naira but convert in stages as payments arrive; others keep part of the proceeds in naira for future Nigerian costs. Either way, decide before you sign, not after the money lands.
A sensible order of work
- Gather purchase records and any CCI before you list the property.
- Agree with your bank how the proceeds can be converted, before you accept an offer.
- Have the buyer pay into an account in your name, not an agent's.
- Settle Nigerian tax and keep the receipt.
- Convert and transfer, telling your Australian bank in advance.
- Keep the full file for your Australian return.
Where Pryme fits
If part of the proceeds will stay in naira for family or future plans, a Pryme Personal account opened from Australia holds naira, held by a licensed Nigerian microfinance bank, alongside USD, GBP and EUR, and Swap shows the rate and the fee before you approve. Verifiable statements through VerifyDoc.ai help when a bank asks for proof. See multicurrency. Outside Nigeria, Pryme works through regulated partners.
Questions people ask
Can I send the money from selling my Lagos house to Australia?
Usually, but it depends on converting the naira. It is easiest if the purchase was funded from abroad and documented with a Certificate of Capital Importation or through an NRNIA.
What is capital gains tax on property in Nigeria now?
Bloomberg Tax's summary of the Nigeria Tax Act 2025 says gains are taxed at personal income tax rates, top rate 25%, replacing the flat 10%.
Do I pay Australian tax on selling a property in Nigeria?
If you are an Australian tax resident, the ATO says you may have to pay Australian CGT on selling an overseas asset, with a possible offset for Nigerian tax paid.
What documents will my Australian bank want?
Usually the sale agreement, purchase and title documents, proof of Nigerian tax paid and statements showing the buyer's payment.
Sources
- Bloomberg Tax: New Nigeria tax law redefines capital gains tax for individuals (2 Feb 2026) · accessed Oct 2026
- Mondaq (Resolution Law Firm): Procedure for repatriation of capital and profits in Nigeria (12 Apr 2021) · accessed Oct 2026
- Mondaq (Lexworth): CBN framework for Non-Resident Nigerian Ordinary and Investment Accounts (22 May 2025) · accessed Oct 2026
- ATO: Australian resident for tax purposes - foreign and worldwide income (last updated 15 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.