The Central Bank of Nigeria (CBN) has advised secondary school students across the country to cultivate the habit of financial savings, emphasizing the importance of thinking about their future when making financial decisions.

According to the apex bank, instilling money management, savings, and budgeting skills at a young age will equip children and youth to navigate their finances effectively throughout their lives. Philip Ikeazor, the Deputy Governor in charge of Financial Systems Stability at the CBN, emphasized this call during a school mentoring program held at the CBN headquarters in Abuja to commemorate the 2024 Global Money Week celebrations.

The theme for this year’s edition, “Protect your money, Secure your Future,” underscores the significance of early financial education. Ikeazor stressed the importance of not only earning 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,” said Ikeazor. He emphasized that financial security is not solely dependent on income but also on the ability to manage financial resources effectively.

Ikeazor also highlighted the importance of students being aware of different types of frauds and scams, knowing how to respond to scammers, and ways to protect their money both online and offline. He emphasized the impact of financial decisions made today on their future.

Represented at the event by Nuhu Othniel, the Director of the Consumer Protection Department, Ikeazor encouraged students to be proactive in managing their finances, emphasizing the importance of saving, budgeting, and education about financial matters from a young age.

Meanwhile, Gbadamosi Lanre, the Head of the Consumer Education and Evaluation Division at the CBN’s Consumer Protection Department, emphasized the role of financial literacy in creating wealth and improving living standards. He highlighted the CBN’s efforts to improve financial literacy in the country, promising students an engaging and enlightening experience at the Financial Literacy Fair and the Currency Museum. Students were assured that they would learn about various aspects of banking, money management, fraud prevention, and the importance of investing during these events.

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