CBN, NGX, Others Boost Students’ Financial Literacy

By Aduragbemi Omiyale

A symposium to boost the financial literacy level of some students in Lagos to mark the 2024 Global Money Week has been organised by the Nigerian Exchange (NGX) Limited, the Central Bank of Nigeria (CBN) and other capital market operators.

The other partners for this year’s global celebration themed Protect Your Money, Secure Your Future included Chapel Hill Denham, Coronation Group, Central Securities and Clearing System Plc and Miniemoney.

The acting chief executive of NGX Limited, Mr Jude Chiemeka, in his welcome address, urged the students to embrace financial literacy and be aware that it is a lifelong endeavour.

“I believe this theme holds particular significance, especially for young individuals like yourselves, who stand at a pivotal juncture in laying the groundwork that will ultimately shape the trajectory and quality of your lives a decade or more from now.

“This event represents a significant step in our ongoing commitment to cultivating a community of financially literate future leaders who possess the knowledge and skills to make well-informed financial decisions through the array of financial literacy resources at their disposal.

“As we navigate the complexities of the financial world, it becomes increasingly evident that financial literacy and responsible money management are not just desirable traits but essential tools for achieving long-term financial security and prosperity.

“I want to assure you that the Nigerian Exchange Limited is here to support you every step of the way,” he said.

Also speaking, Mr Lanre Gbadamosi of the Consumer Protection department at the Central Bank of Nigeria, highlighted the Sabi Money Platform of the apex bank and how educative it is for school children.

“Sabi money platform is an avenue where we have packaged 15 series of financial literacy topics. Financial planning has to start today and it has to start with you the children,” he said.

The Chief Economist and Head of Economic Research/Intelligence at Coronation Merchant Bank, Ms Chinwe Egwim, in her presentation, educated the students on the different economic terms and how they affect them.

“The first step for securing your future is attending events like this. Having clear goals can help you protect your money. There are some life skills that you need when investing, two of them are patience and self-control,” Ms Egwim stated.

Ms Adaora Obikili, the Head of Retail Strategy and Development at Chapel Hill Denham, noted in her presentation that early starters in investing benefit the most from the power of compound interest. “Saving a portion of your income (at least 3 months’ worth) prepares you for rainy days. The best time to start saving and investing is yesterday, the next best time is today.”

Stating the role of the CSCS in the market, Ms Onome Komolafe, Divisional Head, Business Services and Customer Experience, said the firm is like the bank for the Nigerian stock market. It is responsible for keeping track of who owns what stocks and making sure that when people buy or sell stocks and other assets, everything gets handled smoothly and safely.

The GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.