The Central Bank of Nigeria (CBN) has issued a stern advisory, urging the public to educate themselves and their children on the tactics employed by fraudsters and scammers.
During the 2024 Global Money Week (GMW) celebration in Abuja, Mr. Philip Ikeazor, the Deputy Governor responsible for Financial System Stability (FSS), emphasized the critical need for individuals to be well-informed about the methods used by criminals to swindle unsuspecting members of the public out of their hard-earned money.
Under the theme “Protect your Money, Secure your Future,” Ikeazor underscored the importance of instilling in children from an early age the awareness of financial security, prudent decision-making, and the recognition of fraudulent activities.
He stressed the significance of not just earning money, but also understanding financial scams, saving, and investing for the future.
Ikeazor highlighted the pivotal role of acquiring financial management skills to ensure a secure future, emphasizing that income alone does not guarantee financial stability.
Furthermore, he emphasized the necessity of being versed in recognizing various types of scams, knowing how to respond to scammers, and implementing measures to safeguard one’s finances both online and offline.
Mr. Nuhu Othniel, the Acting Director of the Consumer Protection Department at the CBN, reiterated the importance of GMW, which aims to empower children and youths with financial literacy to make sound financial decisions and enhance their future financial wellbeing.
As part of the GMW celebrations, various activities and programs have been organized, including school mentoring sessions and visits to financial institutions like the Nigerian Exchange Group and the CBN’s currency museum.
These initiatives seek to equip young Nigerians with the knowledge and skills necessary to navigate the financial landscape safely and effectively.