AgBiS2 nanocrystal solar cells are among the most sustainable emerging photovoltaic technologies. Their environmentally-friendly composition and low energy consumption during fabrication make them particularly attractive for future applications. However, much remains unknown about the stability of these devices, in particular under operational conditions. In this study, we explore the effects of oxygen and light on the stability of AgBiS2 nanocrystal solar cells and identify its dependence on the charge extraction layers. Normally, the rate of oxygen-induced degradation of nanocrystals is related to their ligands, which determine the access sites by steric hindrance. We demonstrate that the ligands, commonly used in AgBiS2 solar cells, also play a crucial chemical role in the oxidation process. Specifically, we show that the tetramethylammonium iodide ligands enable their oxidation, leading to the formation of bismuth oxide and silver sulphide. Additionally, the rate of oxidation is impacted by the presence of water, often present at the surface of the ZnO electron extraction layer. Moreover, the degradation of the organic hole extraction layer also impacts the overall device stability and the materials' photophysics. The understanding of these degradation processes is necessary for the development of mitigation strategies for future generations of more stable AgBiS2 nanocrystal solar cells.