CBN Advises Nigerian Youths To Adopt Savings Regularly, Frees Bank Interest Rates

• The CBN has called on Nigerian youths to try to cultivate a culture of saving to ensure financial security
• The apex bank said prioritizing savings, however few, will also be beneficial to national economic growth
• These are tough times for Nigerians as rising inflation continues to reduce the value of monthly income

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism with an in-depth knowledge of Nigerian. economygeneral market actions and trends.

The Central Bank of Nigeria (CBN) has called on young Nigerians to develop a culture of saving as a foundation for a safe and financially secure future.

This message was delivered by Ibrahim Yahaya, the Acting Head of the Department of Consumer Protection at the CBN, during the celebration of the World Savings Day on October 30, 2024 in Abuja.

Yahaya emphasized in his speech that saving from an early age is very important.

He added that savings are crucial for personal financial security and national economic growth, Vanguard reports.

His words

“The Central Bank of Nigeria today celebrates World Savings Day, an international event to promote the significance of savings.

“Life is full of uncertainties; having savings allows individuals to prepare for unforeseen circumstances.”

He also explained that savings contribute to the pool of funds that banks lend to investors, which boosts productivity and creating jobs in the economy.

Yahaya continued:

“In Nigeria, savings are vital to economic growth. Deposits made by individuals are what banks use for loan, pespecially the sectors that are essential for stimulating economic progress.”

Despite the current high rate of inflation, Yahaya encouraged the public to prioritize savings.

“Many people they feel their income is insufficient to cover their immediate needs and wants, leading to a reluctance to save.

“However, saving should be seen as a habit rather than a luxury. You may never start if you wait until you have excess funds to save. Instead, make it a regular practice to set aside a portion of your income regardless of the challenges. you will appreciate the benefits in the future.”

Access, UBA, others offer high interest on savings account

earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has released its latest savings interest rates for nigerian banks

The data, published on the CBN website, is part of the apex bank’s commitment to transparency to guide the bank’s customers

A savings rate is the interest rate that Nigerian banks pay customers for saving moneyand varies between banks

Source: Legit.ng