CBN asks youths to embrace saving culture

Central Bank of Nigeria has urged pupils to embrace saving culture as well as engage in buying shares early in life.

This, the bank said, would help to prepare them for future economic challenges.

The CBN Ekiti State branch Controller, Samuel Ogungbayi, gave the advice during a mentoring programme held at Christ’s School, Ado Ekiti, to mark the 2015 World Savings Day.

Ogungbayi, represented by the Head of Currency Department, Mr. Ayo Ajayi, said the event was organised to inculcate the habit of saving in children.

Also, the Director, CBN Consumer Protection Department, Mr. Umma Dutse, represented by Mrs. Bolaji Lartey, urged the pupils to save and plan for their future.

Dutse said, “Don’t spend all you have. If your daddy gives you money, do not spend everything. Cultivate the habit of saving; by the time you save, you can invest. When you start work, spend less than what you earn.”

He, however, advised them to eat a balanced diet always to enable them to remain healthy and concentrate in school.

Dutse, who advised the pupils against keeping their money with thrift collectors or Wonder banks, noted that the risk of banking with such institutions was high.

He rather encouraged them to buy shares of recognisable companies.

“When you start earning money, pay yourself first. At least, 10 per cent of what you earn should go to into your savings plan. Do not forget the power of compound interest. To benefit the most, start as soon as possible.”

Dutse added that the Federal Government through the CBN, Nigeria Deposit Insurance Corporation, Securities and Exchange Commission, National Insurance Commission and Pension Commission had introduced measures to protect deposits as well as regulate insurance, stock exchange and pension.

source: Punch