Nigerian Deposit Insurance Corporation (NDIC) on Tuesday said the Naira redesign policy of the Central Bank of Nigeria (CBN) early in the year caught a lot of Nigerians unaware because of the poor saving culture of the people.

The controller, Ilorin office of the NDIC, Hamzat Kangiwa stated this in Ilorin, Kwara State at this year's World Savings Day for secondary schools students where 11 secondary schools participated.

The event was held at the Government Secondary School, Maraba area, Ilorin.

“In the north where I hail from, traders hardly put their money in banks. This is because of the type of business they do. Saving is very difficult. That is why we have invited you to inculcate in you pupils the culture of lodging your money in financial institutions.

“Look at the Naira redesign programme early in the year. A lot of people lost huge sums of money. Others died because they kept their money in their houses.

“To avoid this kind of thing in future, it is important to encourage the habit of savings. NDIC is no bank, it is encouraging people to save money so that they can protect their money.

“The primary objective of our being here today is to encourage young ones to imbibe savings culture. The only thing NDIC and CBN can do is to encourage you to put your money in money banks or any of these financial institutions for safety and accompanying interest.

“In case of eventuality, NIDC is there to pay such money back to the depositors,” Kangiwa stated.