CBN Advises Nigerians to Save More, Releases Access, Zenith, UBA, 23 Other Banks' Interest Rates

• The CBN has called on Nigerian youths to try and cultivate a savings culture to ensure financial security
• The apex bank said prioritising savings, no matter how little, will also be beneficial to national economic growth
• These are challenging times for Nigerians as rising inflation keeps reducing the value of monthly income

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has called on Nigerian youths to develop a savings culture as a foundation for a more secure future.

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

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Yahaya stressed 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 is celebrating World Savings Day, an international event aimed at promoting 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, stimulating productivity and job creation in the economy.

Yahaya continued:

“In Nigeria, savings are vital for economic growth. Deposits made by individuals are what banks utilise for lending, particularly to sectors that are essential for driving economic advancement.”

Despite the high inflation rate, Yahaya encouraged the public to prioritise savings.

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

"However, saving should be viewed 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 face. You will appreciate the benefits in the future,” he added.

Access, UBA, others offer high interest on savings account

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) had released the 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 bank customers.

Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng