Nigeria Bank Advertisement Withdrawal – CBN Orders Banks
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has directed all banks, payment service banks (PSBs), and other financial institutions to withdraw any advertisements that violate consumer protection and truth-in-advertising guidelines. The directive follows a review of several promotional campaigns that were deemed potentially misleading.
In a statement released on November 27, 2025, CBN highlighted that some bank advertisements failed to disclose the actual benefits and risks of their products, often using attention-grabbing phrases like “lucky draw” or “super offer” to attract customers.
The CBN emphasized that all future advertisements must be truthful, clear, and accurate. Banks are required to ensure that any promotion clearly states all terms and conditions as well as any potential risks associated with the product or service being advertised.
Starting January 2026, CBN will conduct compliance reviews to ensure that all banks adhere to these guidelines. Violators will face penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Consumer Protection Regulations 2019.
The directive has been welcomed by consumers, who will now be better informed and less likely to be misled by exaggerated or deceptive marketing claims.
CBN also requires banks to submit a compliance attestation, signed by senior executives, confirming that all advertisements comply with regulatory standards.
This move demonstrates CBN’s commitment to promoting transparency, fairness, and consumer protection in Nigeria’s banking sector.
