Nigeria, Nov. 30 -- The Central Bank of Nigeria (CBN) has ordered banks, payment service banks, and other financial institutions to immediately withdraw any advertisements or promotional materials that fall short of regulatory standards, following a sector-wide review that uncovered misleading and non-transparent marketing practices.

In a circular dated 27 November, signed by Olubunmi Ayodele-Oni, for the director of the bank's compliance department, it said it found adverts that exaggerated benefits, obscured risks or omitted key information required under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit-Taking Institutions.

The regulator also banned promotions that constitute inducement, includi...