Alade, CBN Acting Governor, teaches financial literacy, urges students to save

Posted by News Express | 13 March 2014 | 4,349 times

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Central Bank of Nigeria (CBN) Acting Governor, Dr. Sarah Alade, has advised students to imbibe the culture of saving and investment in order to entrench robust personal financial independence in future.

She gave the advice today in Abuja during a financial literacy session with students of Maitama Model Secondary School as part of the School Mentoring Programme initiated by the Bankers’ Committee, which coincided with this year’s ‘Global Money Week’.

Dr. Alade admonished the excited students to always endeavour to save money in banks and not under their pillows as such would not only ensure the safety of their funds, but also enhance financial discipline on their part.

While introducing the school children to the various aspects of the Nigerian financial sector, the Acting Governor, a former lecturer herself, encouraged them to always prepare for the rainy day, even as she pointed out the risks involved in investments.

Similarly, Deputy Governor of the CBN in charge of Corporate Services, Alhaji Suleiman Barau, led some top staff of the Bank to the Government Science and Technical College, Garki, Abuja, where he taught financial literacy to students of the school.

Recalling that the last time he taught was in 1981 in Jos, Plateau State, as a member of the National Youth Service Corps (NYSC) scheme, Barau emphasised the importance of financial literacy to the economic well-being of the Nigerian child and youth.

“Beyond learning technology and science,” he stressed that “students should learn financial literacy,” adding that “economics is common sense made simple.”

Fielding questions from the students, the Deputy Governor used the opportunity of the session to expatiate on the Bank’s cash-less policy and financial inclusion, emphasising that CBN is determined to ensure that more Nigerians use other payment channels in order to reduce emphasis on cash.

Speaking at the occasion, which was organised by the Consumer Protection Department of the Bank and Junior Achievement Nigeria, a non-governmental organisation, Principal of the school, Mr. Mohammed Idris, thanked the Central Bank of Nigeria and the Bankers’ Committee for creating time to teach financial literacy to the students.

Today’s School Mentoring Programme featured simultaneous financial literacy sessions conducted across the 36 states of the federation by the CBN Acting Governor, the Deputy Governors and Chief Executive Officers of Deposit Money Banks, along with other management staff of the CBN. It is the major highlight of the Global Money Week in Nigeria, which ends on Monday, March 17.

•Photo shows CBN Acting Governor, Dr. Sarah Alade, lecturing students of Maitama Model Secondary School . . . today in Abuja.

Source: News Express

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