Highlights Of The Guidelines Letters Circulars And Notifications Issued In August 2026

Dear Esteemed Client,

The Nigeria Revenue Service (‘NRS’), the National Agency for Food and Drug Administration and Control (‘NAFDAC’), the National Information Technology Development Agency (‘NITDA’), the Nigerian Communications Commission (‘NCC’), the Central Bank of Nigeria (‘CBN’), the Securities and Exchange Commission (‘SEC’), the National Insurance Commission (‘NAICOM’), and the Federal Competition and Consumer Protection Commission (‘FCCPC’) issued a series of press releases, circulars, directives, guidelines and public alerts in August 2026 containing information and directives for various sectors and the general public. We hope that you find the information useful in your operations.

NRS ISSUES GUIDELINES ON THE TAXATION OF VIRTUAL ASSETS

On 3rd August 2026, the NRS issued the Guidelines on the Taxation of Virtual Assets, establishing an administrative framework for the taxation of cryptocurrency and other virtual assets transactions in Nigeria. The Guidelines are issued for the information and guidance of taxpayers, Virtual Asset Service Providers (‘VASPs’), Peer-to-Peer (‘P2P’) marketplace operators, tax consultants, financial institutions, and all persons engaged in virtual asset activities.

Developed in line with the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025, the Guidelines set out the applicable tax obligations, including registration, reporting and record-keeping requirements, valuation principles (including the Dollar-referenced valuation and the fair market value of the asset at the time of the transaction) and the tax treatment of virtual asset transactions.

For more information, please refer here

NITDA PUSHES FOR A NATIONAL REGULATORY SANDBOX

The NITDA has called for stronger collaboration among government regulators to accelerate the implementation of Nigeria’s National Regulatory Sandbox. The Sandbox will provide a coordinated framework for innovators and regulators to test emerging technologies while maintaining compliance with applicable laws and regulatory requirements.

The initiative has now moved from the design phase to implementation, with participating regulators expected to review and refine the proposed governance and implementation framework. The Sandbox is expected to support innovation across sectors, including fintech, healthcare, mobility and agriculture, while strengthening regulatory coordination and oversight.

For more information, please refer here.

CBN REVIEWS DISCOUNT WINDOW RESTRICTIONS AND OPEN MARKET OPERATIONS PARTICIPATION FRAMEWORK

The CBN has reviewed its framework governing access to the Discount Window, Tenored Repurchase (‘Repo’) Operations and participation in Open Market Operations (‘OMO’). Under the revised framework, restrictions on access to the Discount Window arising from participation in the Nigerian Foreign Exchange Market (‘NFEM’) and primary auctions of Government securities have been removed. However, the existing restriction preventing institutions that access the Discount Window from participating in OMO auctions on the same day remains in force

The CBN also lifted the suspension on Tenored Repo Operations and may conduct repo operations across approved tenors ranging from 4 to 90 days. In addition, OMO participation in both the primary and secondary markets are open to eligible individuals, corporates and non-bank financial institutions through Deposit Money Banks (DMBs), which will continue to submit bids and settle transactions on behalf of their customers.

For more information, please refer here

NAFDAC STRENGTHENS REGULATORY OVERSIGHT OF BLOOD AND BLOOD PRODUCTS

On 13th August 2026, NAFDAC announced the need to strengthen its regulatory oversight of blood and blood products in Nigeria, in line with the World Health Organisation’s recommendation that blood and blood products be regulated by National Regulatory Authorities as essential medicines. The initiative received the support of the Minister of Health and Social Welfare.

NAFDAC stated that the enhanced oversight will cover the entire blood transfusion chain (from donor assessment and collection through testing, processing, storage and transportation to use) and that it had established a dedicated Vaccines, Biologicals and Medical Devices Registration and Regulation Directorate to oversee the registration and regulation of blood and blood products in Nigeria.

For more information, please refer here.

SEC IMPLEMENTS FATF STATEMENTS ON HIGH-RISK JURISDICTIONS

SEC has issued a circular directing all Capital Market Regulated Entities (‘CMREs’) to implement measures in line with the Financial Action Task Force’s (‘FATF’) updated statements on high-risk jurisdictions and jurisdictions under increased monitoring. CMREs are required to apply the prescribed restrictions and enhanced due diligence measures to business relationships and transactions involving the Democratic People’s Republic of Korea, Iran and Myanmar, based on the specific risk level and measures applicable to each jurisdiction. CMREs are also required to apply appropriate risk-based measures in respect of jurisdictions placed by the FATF under increased monitoring including Algeria, Angola, Bolivia, British Virgin Islands (‘BVI’), Bulgaria, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Haiti, Kenya, Lao PDR, Lebanon, Monaco, Namibia, Nepal, South Sudan, Syria, Venezuela, Vietnam, and Yemen. SEC further directed all CMREs that have not subscribed to Nigeria’s Sanctions (‘NigSac’) Alerts system to do so immediately and mandated CMREs to promptly report unusual or suspicious transactions to the Nigerian Financial Intelligence Unit (‘NFIU’). The directives take immediate effect, and noncompliance may constitute a breach of the Investments and Securities Act, 2025 and the SEC AML/CFT Rules and Regulations, attracting sanctions including fines, suspension of operations or revocation of registration.

For more information, please refer here.

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