The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that fails to comply with existing consumer-protection and fair-marketing rules.

The directive is contained in a circular issued on November 27, 2025, signed by Olubunmi Ayodele-Oni for the Director of the CBN’s Compliance Department.

The circular followed a thematic industry review that uncovered widespread inconsistencies in how financial institutions interpret disclosure, transparency, and fair-marketing requirements under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit-Taking Financial Institutions issued in 2000.

According to the apex bank, the review showed that many institutions continue to publish adverts that exaggerate benefits, omit key information, obscure risks, or rely on unaudited financial statements.

The CBN warned that such practices mislead customers, distort market competition and undermine the integrity of the financial system.

The regulator emphasised that all adverts must be factual, balanced and transparent. It warned that comparative, superlative or de-marketing statements whether direct or implied are strictly prohibited.

It also banned promotional inducements such as lotteries, lucky dips, prize draws and other chance-based incentives, noting that such schemes could pressure consumers into financial decisions without fully understanding the associated risks.