The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

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The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

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The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.

No fewer than 14 Nigerian commercial banks are yet to meet the Central Bank of Nigeria’s recapitalisation requirement as the 31st March 2026 deadline inches closer.

This follows CBN Governor, Olayemi Cardoso’s announcement on Tuesday that sixteen Nigerian banks have met their recapitalisation requirement ahead of the apex bank’s March 2026 deadline.

DAILY POST reports that Cardoso disclosed this in a statement after the bank’s 303rd Monetary Policy Committee in Abuja.

According to Cardoso, the development indicates that there is financial soundness in the country’s financial banking system.

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MPC had been urged by banks to ensure a successful implementation of the recapitalisation process.

“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.

“Acknowledged the substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements.

“The committee thus urged the Bank to ensure a successful implementation and conclusion of the programme, among other domestic developments,” Cardoso said.

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This means that two additional Nigerian banks have been added to the list of banks which have complied with the apex bank recapitalisation requirement in the last two months.

Recall that Cardoso, in the 302nd MPC meeting, announced that only fourteen banks have met the recapitalisation requirement.

CBN records as of 2024 showed that the country has thirteen commercial banks, five merchant banks and seven financial holdings companies.

Earlier, a report emerged that Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, Stanbic IBTC, and others have already met CBN’s recapitalisation requirement.

CBN in March directed commercial banks with international authorisation to increase their capital base to N500 billion, while those with national licences must raise to N200 billion.

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.

Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.

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He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.

Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.

The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.