The Central Bank of Nigeria says work is on to ensure that the final copy of the National Financial Literacy Curriculum is included in schools’ academic calendar by October this year.
CBN Deputy Governor, Financial System Stability (FSS) Directorate, Mr. Philip Ikeazor disclosed this in Abuja at the opening of the School Mentoring Programme to commemorate the 2024 Global Money Week (GMW), with the theme, “Protect your Money, Secure your Future”.
Represented by acting CBN Director, Consumer Protection Department, Nuhu Othniel, the Deputy Governor emphasised the importance of inculcating financial literacy early in the lives of pupils and students added that though the document was still being drafted, the curriculum should be integrated into academic programmes in the next school sessions.
He said besides making money, students must also understand the concepts of frauds and scams, saving as well as investing for their future.
Ikeazor said being equipped with such skills at a tender age would enable the students to achieve financial independence and a financially secure future.
“Truth be told, having an income, and making a substantial amount of money does not guarantee financial security. What is important is your ability to develop and hone skills and attitudes to manage your financial resources to have a secure future.”
The apex bank deputy governor said it was vital to know the types of frauds and scams, how to respond to scammers and various ways to protect money both online and offline.
He said this also implies knowing how to report to a bank should any of them encounter scammers or fraudsters.
“In essence, the financial decisions you make today and the education you acquire today have a huge impact on your future. Therefore, when you learn these skills at a young age and with consistent practice, you will have a brighter future. So, be smart about your money while you are still young; save, budget, and become educated,” he said.
On her part, CBN Director, Consumer Protection Department (CPD), Mrs. Amina Ahmed Habib, said this year’s edition “speaks to the importance of distinguishing between your needs and wants, money management, fraud, and scams and investing to enable you, our young ones have a financially secure future”.
“As the Apex financial services regulatory authority and the coordinating organization for this event, the Central Bank of Nigeria (CBN) collaborates with the Bankers’ Committee Sub-Committee on Financial Literacy and Public Enlightenment (FLPE) as well as numerous stakeholders to ensure the success of the GMW celebrations in Nigeria.
“As part of this year’s celebrations, children in secondary schools from the six geopolitical zones, and the FCT and Lagos participated in a trip to the Nigerian Exchange Group, Lagos, the CBN’s currency museum, Abuja, attended the Financial Literacy Fair at the CBN Head Office Abuja, and the School Mentoring Programme across the six geopolitical zones, Lagos and Abuja.
“The children were educated on the evolution of money, needs and wants, money management, frauds, and scams, the importance of investing, how to open an account, and the importance of planning, i.e. budgeting to secure your future.”
