Nigeria has strengthened its partnership with more than 100 countries to monitor foreign financial transactions involving Nigerian residents, as part of its expanded implementation of the Common Reporting Standard (CRS). The initiative, which enables automatic exchange of financial information among national tax authorities, means nations such as the United States, United Kingdom, Canada, and the United Arab Emirates are now routinely sharing data on Nigerians with overseas bank accounts, investments, or properties.
According to business and finance consultant Oluwatoyin Olufon, FCCA, ACA, ACTI, the wider scope of cross-border data reporting will affect a broad segment of Nigerians. Individuals who earn foreign income—such as freelancers, remote workers, consultants, and digital creators—will now fall within the CRS monitoring network. Nigerians who maintain bank accounts abroad, including fintech-enabled global wallets and jointly held family accounts, are also expected to be captured in the information exchange.
The development further affects Nigerians who own assets or investments outside the country, ranging from real estate in popular destinations such as Dubai, London, and Toronto to foreign stocks, bonds, and cryptocurrency accounts. Nigerians living abroad but still considered tax residents—either because they maintain substantial ties to Nigeria or do not meet residency requirements in their host countries—will also be impacted. Businesses with international operations, offshore accounts, or foreign investors are expected to experience increased scrutiny under the system.
Analysts say the extended framework marks a significant shift for Nigerians with cross-border financial footprints, as global transparency is expected to increase sharply ahead of 2026. In response to rising concerns, Olufon has announced a webinar titled “Global Tax Transparency & What Nigerians Must Know for 2026.” The session will explain the CRS process, outline the type of data being shared, examine potential exposure risks, and provide guidance on steps individuals and organisations should take to remain compliant before the deadline.
