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The short answer
You sell NGX shares through the stockbroker that holds your CSCS account; once the trade settles, the broker pays the naira proceeds into your nominated Nigerian bank account. From there you convert to a foreign currency and send it to Canada, then report the sale on Schedule 3 as a capital gain or loss calculated in Canadian dollars, with cost converted at the purchase-date rate and proceeds at the sale-date rate.
Exiting the Nigerian market from Toronto, Calgary or Halifax involves three separate jobs: selling, getting the naira out of the broker and into a bank, and converting and moving it. Each step has its own records, and the Canadian tax calculation needs all of them.
Step 1: sell through your stockbroker
Shares on the Nigerian Exchange are held electronically in your CSCS account and traded through a stockbroking firm that is a dealing member of the exchange. You instruct that broker to sell, usually by email from your registered address, through its online platform or app.
- Check that your broker still holds your mandate and that your CSCS account details, name and BVN match. Old accounts opened years ago often need updating first.
- If the broker requires a signed instruction, send it in the form it asks for; some want a scanned signature that matches their records.
- Ask for the contract note for each sale. It shows the price, quantity, date and every deduction, which you need for Canada.
- Ask the broker when the trade will settle and when cash will be paid out; do not assume a timeline.
Ask your broker too whether anything is deducted for Nigerian tax on the sale. The Nigeria Tax Act 2025 reworked Nigerian tax rules from January 2026; confirm the current treatment for your holding with the broker or a Nigerian adviser.
Step 2: get the naira to your bank account
Brokers pay sale proceeds into the Nigerian bank account on your file. If that account is dormant or closed, update it before you sell. For more on old Nigerian accounts, see selling shares in Nigeria: when the money arrives.
Step 3: convert and send to Canada
The naira must be converted to a currency your Canadian bank accepts. The usual routes are a Nigerian bank's FX desk into a domiciliary account and then a wire, or an app that converts and pays out abroad. Whichever you use, the cost has three parts: the margin on the exchange rate against the mid-market rate, any transfer fee, and any intermediary or receiving-bank charges on a wire. Compare the amount that lands in Canada, not the headline rate.
For the routes into a Canadian account, see wiring from a Nigerian bank to a Canadian account and moving naira savings to Canada. A large incoming payment may prompt questions from your Canadian bank about where the money came from; your contract notes and bank statements answer them. See questions Canadian banks ask about Nigerian wires.
If you think about carrying cash instead, CBSA requires you to report currency of CAD 10,000 or more, in any currency at the Bank of Canada rate, when you enter Canada (Memorandum D19-14-1, 3 September 2024). Unreported currency can be seized.
Step 4: the Canadian tax calculation
CRA's T4037 guide (modified 11 February 2026) converts the proceeds at the exchange rate at the time of sale and the ACB at the rate when you bought. Selling costs on the contract note reduce your proceeds. Generally half of any gain is taxable; an allowable capital loss offsets taxable capital gains. Report the sale on Schedule 3.
The rate you got when converting to send to Canada is not the figure for the gain calculation; the sale is measured on the sale date. Any later change between the sale and the conversion is a separate currency matter. See a naira fall and a Canadian capital loss for a worked example.
Common hold-ups
- Name mismatches. A CSCS account in a maiden name, or a bank account with a different spelling, can stall the payout until records are aligned.
- Broker no longer trading. If your original stockbroker has closed or merged, ask the registrar of each company or CSCS how to move your holding to a new broker before you can sell.
- Dormant Nigerian bank account. Reactivation often needs ID and a signed form; start it before the sale.
- Large transfers abroad. Banks and apps may ask for the contract note before releasing a big conversion.
Records to keep
- Contract notes for the purchase and the sale.
- CSCS statement before and after the sale.
- Bank statement showing the broker's payment.
- The conversion and transfer receipts.
- Your exchange-rate workings for the purchase and sale dates.
Where Pryme fits
A Pryme account opened from Canada gives you naira account details that can receive a payout, alongside USD, GBP and EUR balances. Swap converts when you choose, showing the rate and the fee on its own line before you approve, and Send moves it on. A verifiable statement from VerifyDoc.ai shows your Canadian bank where the money came from.
Questions people ask
How do I sell my Nigerian shares from Canada?
Instruct the stockbroker that holds your CSCS account, by email, app or signed instruction as it requires. Update your account details first if they are old.
Where does the money go after I sell NGX shares?
The broker pays the naira proceeds into the Nigerian bank account on your file after settlement. You then convert and send it to Canada.
Do I pay Canadian tax when I sell Nigerian shares?
If you are resident in Canada, yes: report a capital gain or loss in Canadian dollars on Schedule 3, with generally half of a gain taxable.
What do I need to show my Canadian bank for money from selling Nigerian shares?
The contract note, the broker's payment on your Nigerian bank statement and the conversion and transfer receipts usually answer source-of-funds questions.
Sources
- CRA: Guide T4037, Capital Gains 2025 (modified 11 Feb 2026) · accessed Oct 2026
- CBSA Memorandum D19-14-1: Cross-border currency reporting (3 Sep 2024) · 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.