1% taxed of every single Nigerian users is enough of money, and that is too much in my opinion they should reduce around 0.5 percent taxed because as i know Nigerian are increasing in volume on a regular basis and if this tax continue then i think there maybe a time where they would only have little users whereas, channeling their trade to another more tax free exchanges that offers p2p without charging for their spot trading.
I did not explain it very well. It is not 1% but 7.5% from the transaction fee on spot trading. This is the example that Kucoin used which you can easily understand and see that the fee is small:
Assuming you want to trade $1000 worth of a coin
Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction:998.925 USDT
So from the $1000 that you traded, the tax is 0.075 USDT.