CBN Directs Banks to Withdraw Deceptive Advertisements

The Central Bank of Nigeria (CBN) has directed all banks, payment-service banks, and other regulated financial institutions to immediately withdraw advertisements that are misleading or violate consumer protection standards. The bank warned that adverts exaggerating benefits, omitting key information, or presenting financial products inaccurately will no longer be tolerated.

The CBN stressed that all marketing materials must be truthful, transparent, and balanced. Institutions are required to clearly disclose risks and avoid making claims that could mislead customers or create unfair competition.

The regulator also prohibited promotional incentives such as lotteries, prize draws, or other chance-based offers that may influence customers to make uninformed financial decisions. All adverts must meet strict compliance and legal standards before being released.

Banks are now required to notify the CBN prior to publishing any promotional campaigns. This notification should include the content of the advert, campaign duration, target audience, and confirmation that internal compliance and legal approvals have been obtained.

The central bank has given institutions a 30-day period to comply. From January 2026, the CBN will begin follow-up checks and enforce penalties on any financial institution found to be in breach of these rules, reinforcing its commitment to consumer protection and responsible banking practices.