The Central Bank of Nigeria (CBN) is stressing the importance of vigilance among Nigerians, advising them to arm themselves and their children with knowledge about the schemes orchestrated by fraudsters and scammers to safeguard their finances.
Delivering a keynote address during the 2024 Global Money Week (GMW) celebrations in Abuja, Mr. Philip Ikeazor, the Deputy Governor overseeing Financial System Stability (FSS), stressed the significance of teaching children about the methods employed by criminals to deceive unsuspecting members of the public out of their money, emphasizing the importance of protecting one’s finances from fraudsters.
According to him, “The theme for this year’s edition is ‘Protect your Money, Secure your Future’, and it captures the importance of learning, from an early age, to always think about your future when making financial decisions and plan accordingly.
“It emphasizes the importance of not only making money, but understanding frauds and scams, saving, and investing for your future. Equipped with such skills at this young age will enable you achieve financial independence and a financially secure future.
“Truth be told, having an income, and making a substantial amount of money does not guarantee financial security. What is important is your ability to develop and hone skills and attitudes to manage your financial resources to have a secure future.
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“In addition to this, it is vital to know the types of frauds and scams, how to respond to scammers, and various ways to protect your money online and offline.
“This also implies knowing how to report to a bank if you do have an encounter with scammers or fraudsters. In essence, the financial decisions you make today and the education you acquire today have a huge impact on your future.
“Therefore, when you learn these skills at a young age and with consistent practice, you will have a brighter future. So, be smart about your money while you are still young; save, budget and become educated.
Speaking on behalf of the Director-General of Financial System Stability (FSS), Mr. Nuhu Othniel, the Acting Director of the Consumer Protection Department at the apex bank, underscored the objectives of Global Money Week, an annual event initiated in 2012, designed to educate children and youths on effective financial management, resilience-building, and the cultivation of long-term financial security.
He noted that since its inception in 2012, Global Money Week (GMW) has garnered involvement from 176 countries and 63 organizations worldwide, with Nigeria joining this international initiative in 2013, solidifying its commitment to financial education and empowerment.
“To commemorate this year’s GMW, we have lined up a host of exciting activities and programmes, which we hope you have enjoyed, whilst at the same time creating the desired awareness amongst participants. The school mentoring is one of such programmes lined up to celebrate the 2024 edition.”
Mr. Othniel shared insights into this year’s celebrations, highlighting that secondary school students from the six geopolitical zones, the FCT, and Lagos, are poised to embark on educational expeditions to renowned financial hubs.
These include visits to the Nigerian Exchange Group in Lagos, the CBN’s currency museum in Abuja, and participation in the Financial Literacy Fair at the CBN Head Office, complemented by engagement in the School Mentoring Programme across the designated regions.