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

Dear Esteemed Client,

The Nigerian Communications Commission ('NCC'), the National Pension Commission ('PenCom'), the Nigeria Revenue Service ('NRS'), the Financial Reporting Council of Nigeria ('FRCN'), the Central Bank of Nigeria ('CBN'), the Nigeria Data Protection Commission ('NDPC'), the Federal Competition and Consumer Protection Commission ('FCCPC') and the Federal Government of Nigeria ('FGN') issued a series of Press Releases, Circulars, Directives, and Guidelines in February, 2026 containing information and directives for various sectors and the general public. We hope that you find the information useful in your operations.

CBN ISSUES CIRCULAR ON PARTICIPATION OF LICENSED BDCs IN THE NIGERIAN FOREIGN EXCHANGE MARKET

On 10th February 2026, the CBN issued a circular permitting all Bureau De Change ('BDCs') duly licensed by the CBN to access foreign exchange from the Nigerian Foreign Exchange Market ('NFEM') through any Authorised Dealer of their choice at the prevailing exchange rate. This measure aims to ensure adequate foreign exchange liquidity in the retail segment of the market, thereby meeting the legitimate needs of end users.

Authorised Dealers are required to conduct the necessary KYC and due diligence in line with applicable regulations before selling foreign exchange to BDCs, subject to a maximum of USD150,000 per week per BDC. BDCs are required to timely submit electronic returns to the CBN in accordance with extant regulations. All unutilised balances are required to be sold back to the market within 24 hours as BDCs are not permitted to keep funds purchased from NFEM in their positions; third-party transactions are prohibited, and cash settlement of foreign exchange sales are limited to a maximum of 25% of each transaction amount.

For more information, please refer here

CBN REVISES SANCTIONS ON DEFAULTERS OF THE NIGERIA CHEQUE STANDARD AND NICPAS 2.0

On 12th February 2026, the CBN issued a circular revising sanctions applicable to Deposit Money Banks, Accredited Cheque Printers and Cheque Personalizers for infringements of the Nigeria Cheque Standard ('NCS') and the Nigeria Cheque Printers' Accreditation Scheme ('NICPAS') 2.0 following its earlier circular in 2019.

The revised sanctions framework introduces updated penalties for various infractions, including failure to submit cheque samples, engagement of unaccredited printers or personalizers, improper cheque encoding, introduction of unapproved security features, subcontracting to non-accredited entities, failure to comply with notification requirements, and non-validation of MICR data etc. Sanctions range from monetary fines and withdrawal of cheques from circulation to suspension of accreditation or licence for repeat or serious breaches.

For more information, please refer here

NCC ISSUES CONSULTATION PAPER ON REVIEW OF THE NATIONAL TELECOMMUNICATIONS POLICY 2000

On 9th February 2026, the NCC issued a Consultation Paper on policy proposals for the review of the National Telecommunications Policy 2000, in line with Section 24 (1) of the Nigerian Communications Act 2003 which requires a public consultative process prior to policy formulation or review.

The Consultation Paper sets out fifteen policy proposals covering, among others, expansion of policy objectives, review of industry structure, competition policy, economic regulation, internet governance, satellite communications, universal access, financing and funding, research and development, local content development, cyber security, international cooperation, policy implementation framework, and the introduction of a new chapter on broadband objectives and critical national infrastructure protection. Stakeholders are invited to submit comments on or before 20th March 2026.

For more information, please refer here

FRCN ISSUES NOTICE ON MANDATORY REGISTRATION OF AUDIT AND ASSURANCE SERVICE PROVIDING FIRMS

The FRCN has issued a Public Notice mandating the registration and update of regulatory profiles of all audit firms and other assurance service providing firms operating in Nigeria. The directive, issued pursuant to the FRCN Act No. 6, 2011 (as amended) and the Audit Regulations 2020, takes effect from 1st April 2026 and applies to statutory audit firms and other assurance service providers whose work involves attestation, verification, certification, independent opinions, sustainability reporting, valuation, governance and related services.

The FRCN will publish a National Audit and Assurance Firms Register effective 1st April 2026, and only f irms listed on the Register will be legally permitted to undertake audit or assurance engagements in Nigeria. Reporting entities are required to verify the registration status of both the audit firm and the signing audit professional prior to appointment and throughout the engagement, as engagements conducted by unregistered firms shall be invalid and may attract regulatory sanctions.

For more information, please refer here

NRS CLARIFIES THAT THE NIGERIA TAX ACT 2025 DOES NOT IMPOSE A 25% TAX ON BUILDING MATERIALS OR FUNDS

On 16th February 2026, the NRS issued a press release clarifying that the Nigeria Tax Act 2025 does not impose a 25% tax on building materials, construction funds, housing funds, or related transactions. The clarification was issued to correct misleading information circulating in a recent video suggesting that the Act will take effect in 2027 and introduce such tax.

The NRS stated that the Nigeria Tax Act 2025 is already in force and was designed to reduce housing costs and stimulate investment in the real estate and construction sectors. The law introduces VAT exemptions on eligible residential properties and construction inputs, mortgage interest relief for owner-occupied homes, tax incentives for developers and institutional investors, and withholding tax and VAT reliefs to ease compliance burdens. The NRS urged the public to disregard misinformation and rely only on official communications.

For more information, please refer here

BOI SECURES CBN APPROVAL TO OPERATE NON-INTEREST BANKING WINDOW

The BOI announced that it has received regulatory approval from the CBN to operate a Non-Interest Banking ('NIB') Window. The approval enables BOI to provide ethical, asset-backed and interest-free financing solutions aimed at supporting inclusive and sustainable industrial development across Nigeria. The NIB Window will introduce risk-sharing financing structures designed to promote sustainable growth and expand access to funding for underserved and high-impact business segments. The BOI will communicate further details on application guidelines.

For more information, please refer here

NRS ANNOUNCES IMPLEMENTATION TIMELINE FOR PHASED ROLLOUT OF E-INVOICING & ELECTRONIC FISCAL SYSTEM ('EFS')

On 17th February 2026, the NRS issued a Public Notice outlining the implementation timeline for the phased rollout of its E-Invoicing & EFS regime. The rollout follows stakeholder engagements and pilot deployments and aims to enhance tax administration, improve transparency, and promote voluntary compliance.

The phased implementation applies to three taxpayer categories based on annual turnover: large taxpayers (annual turnover above NGN 5 billion), medium taxpayers (annual turnover of at least NGN 1 billion but not more than NGN 5 billion), and emerging taxpayers (annual turnover below NGN 1 billion). The rollout will be executed in stages, including stakeholder engagement, pilot deployment, go-live, post–go-live review, and compliance enforcement, with defined timelines for each category. Compliance enforcement for large taxpayers is scheduled between April and June 2026, while medium and emerging taxpayers will follow in subsequent phases. Taxpayers are advised to confirm their applicable category, take note of the relevant timelines, and participate in onboarding activities as communicated by the NRS

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NITDA ISSUES ADVISORY ON MICROSOFT OFFICE ZERO-DAY VULNERABILITY

The National Information Technology Development Agency ('NITDA') has issued an advisory warning Nigerian users and organisations about a high-severity zero day vulnerability in Microsoft Office, which Microsoft confirmed is being actively exploited. The flaw, allows attackers to bypass Object Linking and Embedding ('OLE') security protections if a user opens a specially crafted Office document, potentially enabling malicious code execution, malware deployment, data theft, and lateral movement within organisations. Microsoft has released an emergency update, and NITDA has urged immediate action to mitigate the risk.

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NDPC COMMENCES INVESTIGATION INTO TEMU OVER ALLEGED VIOLATION OF DATA PROTECTION ACT

On 16th February 2026, the NDPC issued a press release announcing the commencement of an investigation into the data processing activities of Temu for alleged violations of the Nigeria Data Protection Act ('NDP Act') 2023. The investigation was triggered by concerns relating to online surveillance, personal data processing practices, accountability, data minimisation requirements, transparency, duty of care, and cross-border data transfers..

Preliminary findings indicate that Temu processes personal information of approximately 12.7 million data subjects in Nigeria and has an estimated 70 million daily active users globally. The NDPC warned that processors engaging in processing activities on behalf of data controllers without verifying compliance with the NDP Act may be liable under the Act.

For more information, please refer here:

NGX RECORDS FIRST COMMERCIAL PAPER LISTING WITH DANGOTE CEMENT

On 18th February 2026, the Nigerian Exchange Limited ('NGX') announced the admission and trading of Dangote Cement Plc's first Commercial Papers ('CPs'), marking the Exchange's first-ever CP listing following the introduction of its Commercial Paper Listing Framework. The CPs comprise Series 1 and Series 2 issuances under Dangote Cement's NGN500 billion Commercial Paper Issuance Programme, with a combined value of NGN119.87 billion.

The Series 1 CP, valued at NGN19.95 billion, carries a 181-day tenor and matures on 20th May 2026, while the Series 2 CP, valued at NGN99.92 billion, carries a 265-day tenor and matures on 12th August 2026. Both instruments were issued at a discount and will be redeemed at par value of NGN1,000 upon maturity, offering implied yields of 17.50% and 19.00% respectively. The listing expands NGX's f ixed income market offerings, enhances transparency in the short-term debt market, and broadens investment options for institutional and qualified investors.

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