• Thursday, April 18, 2024
businessday logo

BusinessDay

Global Money Week: CBN, NGX, others boost students financial literacy

Global Money Week: CBN, NGX, others boost students financial literacy

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

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.

This is the 12th edition of the global celebration with the theme Protect Your Money, Secure Your Future. Chapel Hill Denham, Coronation Group, Central Securities and Clearing System Plc and Miniemoney partnered with CBN and the Exchange to host the event.

In his welcome address at the event, Jude Chiemeka, Acting Chief Executive Officer of the NGX urged the students to embrace financial literacy and be aware that it is a lifelong endeavour.

He said, “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,” Chiemeka added.

Also speaking at the event, 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 a platform 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.

Chinwe Egwim, Chief Economist and Head of Economic Research/Intelligence at Coronation Merchant Bank in her presentation, educated the students on the different economic terms and how it affects 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 is patience and self-control,” Egwim stated.

Adaora Obikili, Head Retail Strategy and Development, 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 Central Securities and Clearing System in the market, Onome Komolafe, Divisional Head, Business Services and Customer Experience, CSCS said that CSCS 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.