The Central Bank of Nigeria (CBN) has announced its commitment to ensuring the inclusion of the National Financial Literacy Curriculum in school academic calendars by October of the current year.
At the launch of the School Mentoring Programme during the 2024 Global Money Week (GMW), themed “Protect your Money, Secure your Future,” CBN’s Deputy Governor, Financial System Stability (FSS) Directorate, Mr. Philip Ikeazor, underscored the significance of imparting financial literacy skills early in the lives of students.
Ikeazor stressed the importance of equipping students not only with the ability to earn money but also with knowledge on fraud prevention, saving practices, and investment principles for long-term financial security.
Represented by acting CBN Director, Consumer Protection Department, Nuhu Othniel, Ikeazor emphasized that financial security hinges not solely on income but on the proficiency to manage financial resources effectively.
He highlighted the necessity for students to discern various types of frauds and scams, and to understand the avenues for protecting their finances, both online and offline. Ikeazor urged students to report any encounters with scammers or fraudsters to the appropriate authorities.
In a conversation with THISDAY at the event, CBN’s Head, Consumer Education and Evaluation Division, Consumer Protection Department (CPD), Mr. Gbadamosi Lawal Lanre, reiterated the importance of incorporating financial literacy topics into the national school curriculum.
Lanre emphasized that financial literacy is fundamental for achieving financial well-being and enhancing living standards, noting that despite progress, the current financial literacy levels in Nigeria remain suboptimal.
CBN Director, Consumer Protection Department (CPD), Mrs. Amina Ahmed Habib, highlighted the objectives of this year’s GMW, which include educating students on distinguishing between needs and wants, money management, fraud prevention, and investment strategies for a financially secure future.
She elaborated on the various activities organized as part of the GMW celebrations, including trips to financial institutions and educational sessions on money evolution, budgeting, and the importance of planning.
The CBN, in collaboration with stakeholders, continues to champion financial literacy initiatives, aiming to empower students with the knowledge and skills necessary for navigating the complexities of personal finance and securing their financial futures.
