CBN Advises Nigerians To Imbibe Savings Culture

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The Central Bank of Nigeria (CBN) has urged Nigerians, especially the younger ones to cultivate the habit of saving for the future.

The CBN gave the charge on Friday, during a presentation at its School Mentoring Programme organised to mark this year’s World Savings Day, at the Lagelu Grammar School Hall, Agugu, Ibadan, Oyo State.

The apex bank’s Assistant Director, Financial Literacy, Consumer Protection Department, Ibrahim Umar Hassan said there should be no procrastination about saving for one’s future.

“When you save your money, it can work for you. And there is that benefit of starting early. It is not only putting money in banks that you regard as savings; you can buy shares into companies; it is also a form of saving.” he said while addressing a large number of the students, including teachers and top administrators of the school.

“Even as the law does not permit you to enter into such transactions until you are 18, it can be done on your behalf. You can tell your parents to buy shares for you in your name. There is also a retirement annuities pension. That is another way of saving,” he explained.

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