CBN Urges Nigerian Students to Embrace Savings Culture for a Secure Future

The Central Bank of Nigeria (CBN) recently held a school mentoring program to commemorate the 2024 Global Money Week celebrations.

The event, themed “Protect your money, Secure your Future,” emphasized the importance of learning about money management, savings, and budgeting from an early age.

During the event, Deputy Governor Philip Ikeazor highlighted the need for young people to think about their future when making financial decisions.

He stressed the importance of not just making money, but also understanding frauds and scams, saving, and investing for the future.

According to Ikeazor, these skills will enable young people to achieve financial independence and security.

The CBN also emphasized the importance of financial literacy in creating wealth, improving income, and enhancing the standard of living and well-being of Nigerians.

Despite the low level of financial literacy in the country, which has only risen from 13 percent to 33 percent over the years, the financial inclusion rate has grown to 74 percent as of December 2023, up from 68 percent in 2020.

To further promote financial literacy, the CBN organized a Financial Literacy Fair and a visit to the Currency Museum for the students.

The event aimed to educate students about the different banks in Nigeria, the evolution of money, how to open accounts, money management, fraud and scams, and the importance of investing.

The CBN’s efforts to promote financial literacy among young Nigerians are crucial for the country’s economic growth and development.

By teaching students about financial management, savings, and investment, the CBN is helping to build a financially secure and prosperous future for Nigeria.