This study aims to provide empirical evidence that reveals how the regulation and supervision of the Central Bank of Nigeria (CBN) affect the financial performance of deposit money banks (DMBs). Specifically, the study examines the impact of the capital adequacy ratio (CAR), loan-to-deposit ratio (LDR), and asset quality ratio (AQR) on the financial performance of DMBs in Nigeria. The study obtained data from the annual reports and accounts of ten DMBS purposefully selected, covering a period
of 2011 – 2020. The data were analyzed using an estimated generalized least square (EGLS) two-way random-effects panel regression analysis. The results suggest that, to a large extent, the sampled DMBs complied with the CBN requirements on CAR, LDR, and AQR. The study found that LDR positively impacted the financial performance of the DMBs, while the impact of CAR and AQR on the financial performance of the DMBs was insignificant. The study recommends that while DMBs pursue their profitmaking objective, they should comply with the regulatory and supervisory guidelines of the CBN to avoid regulatory fines and penalties.