CBN Unveils Guidelines On Disclosure, Transparency For Banks, Others

The Central Bank of Nigeria (CBN) has issued fresh guidelines to give effect to the Disclosure and Transparency Principle contained in the Consumer Protection Framework (CPF) for institutions under its regulation. 

The guidelines, according to an 18-page document posted on the central bank’s website yesterday, provides minimum disclosure and transparency requirements for financial institutions under the regulatory purview of the CBN to ensure they provide consumers with all material and relevant information regarding their business relationship in a clear and transparent manner. 

According to the Bank, the objective of the guidelines was to protect consumers against provision of inadequate, misleading or failure to disclose material and relevant information and generally guard against lack of transparency by financial institutions in their dealings with consumers.

(This Day)