Nigeria's regulatory environment continues to move at pace. In this edition of the Structure HQ Regulatory Alert, our governance and compliance specialist, Foyinsola Olatunde, breaks down nine significant developments across banking, foreign exchange, corporate compliance, capital markets and digital assets that businesses need to act on now.

On the banking front, the Central Bank of Nigeria (CBN) has been especially active. It has introduced sweeping payment sector reforms, including mandatory Ultimate Beneficial Ownership (UBO) disclosure and new data localisation requirements taking full effect from January 2027. The CBN has also officially launched the Nigerian Overnight Financing Rate (NOFR), a new benchmark developed with the Financial Markets Dealers Association and the European Bank for Reconstruction and Development to strengthen transparency in financial markets. Elsewhere, the compliance deadline for POS geo-fencing has been extended to August 2026, with the allowable radius expanded from 10 to 70 metres, while new guidance now governs how licensed Bureau de Change operators purchase foreign exchange through Authorised Dealer Banks. The CBN has also revoked the licences of 46 microfinance banks under the Banks and Other Financial Institutions Act, 2020.

On corporate compliance, the Corporate Affairs Commission (CAC) has commenced striking off approximately 100,000 non-compliant companies from the Register of Companies, giving affected businesses 90 days to regularise their records. Separately, President Bola Tinubu has signed a new Executive Order on Virtual Assets Coordination, establishing a Virtual Asset Council chaired by the CBN to harmonise regulatory oversight of Nigeria's digital asset ecosystem.

On the capital markets side, the Securities and Exchange Commission (SEC) has transitioned the Nigerian market from a T+2 to a T+1 settlement cycle for equities and commodities, aligning Nigeria with global best practice. The SEC has also reminded capital market operators of their continuous obligation to submit Q2 2026 Balance of Payments and Capital Flows Returns.

Each of these developments carries governance implications that go beyond a simple compliance checklist. Read the full alert to understand what these changes mean for your organisation and where action is required.