• Business - Banking & Finance
  • Updated: March 20, 2024

CBN tasks students on savings culture

CBN tasks students on savings culture

The Central Bank of Nigeria (CBN) has advised young secondary school students in the country to imbibe the culture of financial savings to better secure their future, saying young people must think about their future in making financial decisions.

The apex bank believes that the earlier children and youth learn about money management, savings and budgeting, the better they will manage their finances throughout their lives.

Deputy governor in charge of financial systems stability at the CBN, Philip Ikeazor made the call yesterday at a school mentoring programme to commemorate the 2024 Global Money Week celebrations at its Abuja headquarters. The theme for this year’s edition is “Protect your money, Secure your Future,” which stresses the importance of learning from an early age.

Mr Ikeazor emphasised the importance of not only making money, but also understanding frauds and scams, saving, and investing for the future. “Equipped with such skills at this young age will enable you to achieve financial independence and a financially secure future.

“Truth be told, having an income, and making a substantial amount of money does not guarantee financial security. What is important is your ability to develop and hone skills and attitudes to manage your financial resources to have a secure future.”

He said it was also vital for the students to know the types of frauds and scams, how to respond to scammers and various ways to protect their money online and offline.

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