CBN Orders Banks to Withdraw Misleading Adverts for Consumer Protection

The Central Bank of Nigeria (CBN) has ordered banks to immediately withdraw misleading advertisements that violate consumer protection and fair market standards. The directive aims to enhance transparency and ensure consumers receive accurate information.

Banks are required to notify the CBN before releasing any advertisements, emphasizing compliance with laws and regulations. Failure to comply may result in sanctions under the Bank and Financial Institutions Act.

CBN's move is part of efforts to strengthen the financial sector and ensure banks adhere to ethical advertising practices.