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flag CBN instructs banks to notify customers of outstanding obligations before debt collection, enforcing transparency, courtesy, and fairness.

flag The Central Bank of Nigeria (CBN) has instructed banks to provide customers with notices of outstanding obligations before starting debt collection. flag This move aims to ensure that the debt recovery process is transparent, courteous, and fair. flag The CBN released a document titled "Revised Consumer Protection Regulations" to outline consumer rights and improve access to financial services. flag The guidelines also require foreclosures to be initiated only as a last resort after other recovery options have failed.

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