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CBN, NGX, Others Boost Students’ Financial Literacy

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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.

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Economy

NASD OTC Bourse Improves by 0.42%

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NASD OTC stock exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher on Friday, February 7 by 0.42 per cent, with the market capitalisation increasing by N7.54 billion to close at N1.804 trillion compared with the previous day’s N1.796 trillion.

Equally, the NASD Unlisted Security Index (NSI) went up by 13.30 points during the session to close at 3,184.87 points, in contrast to the preceding day’s 3,171.57 points.

The final trading day of the week had four price gainers and two price losers, according to data obtained from the NASD OTC bourse.

Food Concepts Plc appreciated on Friday by 15 Kobo to settle at N1.65 per share compared with Thursday’s closing price of N1.50 per share, Mixta Real Estate Plc expanded by 31 Kobo to finish at N3.42 per unit versus the preceding session’s N3.11 per unit, FrieslandCampina Wamco Nigeria Plc further grew by 60 Kobo to N40.10 per unit from N39.50 per unit, and Central Securities Clearing System (CSCS) Plc gained 22 Kobo to wrap the day at N24.00 per share compared with N23.78 per share.

On the flip side, Afriland Properties Plc went south by 2.9 per cent to N17 per unit from N17.49 per unit and 11 Plc slid by N3 to close at N253 per share, in contrast to the preceding session’s N256 per share.

During the trading day, the volume of securities bought and sold by investors decreased by 98.1 per cent to 226,384 units from 12.0 million units, the value of securities also slid by 31.4 per cent to N9.7 million from N14.2 million, and the number of deals dropped by 25.6 per cent to 32 deals from 43 deals.

Impresit Bakolori Plc ended the session as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, followed by FrieslandCampina Wamco Nigeria Plc with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Also, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, trailed by Industrial and General Insurance (IGI) Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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Fake Naira notes banknotes

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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