CBN charges youths to save for a fulfilled future

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3 weeks ago

October 31, 2024

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The Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of saving for a fulfilled future.

The apex bank celebrated World Savings Day, yesterday, October 31, in Abuja.

The Acting Head of Consumer Protection Department of CBN, Mr. Ibrahim Yahaya, told journalists at the event, that CBN was committed to savings awareness creation, as according to him, savings provide the necessary pool of funds for investors to borrow from and grow the economy through productivity and job creation.

He said, “Central Bank of Nigeria today is celebrating the World Savings Day. It is an international event that is celebrated each year and its emphasis is to promote the importance of savings.

“We want to instill the culture of savings among the youth so that right from that age, as they grow up with the discipline and with the encouragement of the parents the children will learn to save for future events that may arise.

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“It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arises you will be able to have something to fall back on so as to address those eventualities.

“Savings are very important to national economic growth. Savings are part of deposits. It is from these deposits that banks lend and you know, lending drives economic growth.

“So what we have as deposits is what the banks use to lend out especially to the real sectors that drive economic growth.”

Mr. Yahaya encouraged the Nigerian public to continue to save, despite the high rate of inflation.

This comes as Nigerians question the point of saving when their money lose value daily due to inflation.