NGX partners CBN, others to bridge financial literacy gap among students

As part of 2024 Global Money Week, Nigerian Exchange Limited (NGX), the Central Bank of Nigeria (CBN), and other capital market operators hosted a symposium to raise the level of financial literacy among select Lagos-based students.

Global Money Week (GMW) is an annual global awareness-raising campaign that highlights the significance of ensuring that young people are financially aware from an early age and are gradually acquiring the knowledge, skills, attitudes, and behaviours required to make wise financial decisions and, in the end, achieve financial resilience and well-being.

The topic of this year’s global event, which is in its twelfth year, is “Protect Your Money, Secure Your Future.”

The event was organised by Chapel Hill Denham, Coronation Group, Central Securities and Clearing System Plc, and Miniemoney in collaboration with CBN and the Exchange.

Acting Chief Executive Officer of the NGX, Jude Chiemeka encouraged students during his welcome speech at the event to embrace financial literacy and recognise that it is a lifetime commitment.

Chiemeka regarded the theme as invaluable for young individuals like students who are currently laying the groundwork that will shape their lives and quality of life ten or more years down the line.

He said: “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.”

Financial literacy, the NGX boss explained as well as careful money management are not just desirable qualities, but also necessary skills for achieving long-term financial security and prosperity as we explore the complexity of the financial world.

“It’s not just about making money; knowing how to protect your money by understanding the possible risks in the world and using deploying financial practices is crucial for securing your future. Recognizing things that can make you lose money, like investing in wrong or illegal activities or not being careful when shopping online from promoted ads, is also part of being financially smart. If you stay informed and ask for advice from financial experts, you can lower risks and keep your money safe,” he added.

Chiemeka further assured the students of the NGX support you every step of the way as they embark on their financial journey.

Central Bank of Nigeria’s Consumer Protection department, represented by Lanre Gbadamosi while speaking, emphasised the educational value of the apex bank’s “Sabi Money Platform” for students in school.

He said: “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.”

Early investors gain the most from compound interest, according to Adaora Obikili, Head Retail Strategy and Development at Chapel Hill Denham, who made this observation in her presentation, stating: “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.”