The National Financial Literacy Curriculum’s final version is being worked out by the Central Bank of Nigeria (CBN), according to the statement from the CBN. By October this year, the final version will be included in the academic calendar of schools.
The central bank argued that the curriculum should be included in educational programs in the upcoming school sessions even though the file was still being drafted.
Speaking 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”, in Abuja, CBN Deputy Governor, Financial System Stability (FSS) Directorate, Mr. Philip Ikeazor, emphasized the importance of inculcating financial literacy early in the lives of pupils and students.
He emphasized that students should be aware of the aspects of fraud and bribery, as well as future investing and saving.
Ikeazor claimed that having these skills at a young age may help the learners to obtain financial independence and a financially stable future.
Represented by acting CBN Director, Consumer Protection Department, Nuhu Othniel, the lieutenant government said, “Truth be told, having an income, and making a substantial amount of money does not ensure financial stability. Your capacity to improve and perfect your financial management skills and behavior is crucial for a stable future.
He argued that it was crucial to be aware of different ways to protect funds both online and offline, as well as the different types of frauds and scams.
He added that knowing how to report to a lender if they come across cybercriminals or scammers also help.
According to Ikeazor, “in fact, your future depends heavily on the financial decisions you make now and the training you receive now. So, when you learn these skills at a younger years and with constant practice, you will have a brighter future. Thus, be smart about your income while you are also young, keep, finances, and become educated.”
Also speaking to THISDAY at the ceremony, held at the apex bank’s headquarters, CBN Head, Consumer Education and Evaluation Division, Consumer Protection Department (CPD), Mr. Gbadamosi Lawal Lanre, said the inclusion of safety tips to secure financial transactions further made the 12th edition of the Global Money Week special.
He stated that “we are educating the children on how to develop the habit of saving and protecting their benefits,” as well as educating educators and those brokers who are involved in the education and training methods.
“One of the efforts is to get fiscal education topics, financial literacy skills, and understanding embedded in federal school syllabus.”
You don’t separate financial education, consumer protection, and economic addition, he says, and financial literacy is one of the key factors to promoting a level of well-being beyond income levels for us to raise the standard of living.
He claimed, despite slowing development, the central bank has also seen a rise in financial literacy over time.
Lanre said, “The amount is not motivating as we speak. But we’ve moved from the level of 13 percentage to about 33 percent, and as you all are conscious, financial education is an essence of financial participation.”
He added that, in addition to the 68 percent increase in 2020, economic addition had increased to 74 percent in 2023.
On her part, CBN Director, Consumer Protection Department (CPD), Mrs. Amina Ahmed Habib, said this year’s book “speaks to the importance of distinguishing between your needs and wants, money management, scams, and schemes and investing to help you, our young people have a financially secure potential.”
The Central Bank of Nigeria (CBN) collaborates with the Bankers’ Committee Sub-Committee on Financial Literacy and Public Enlightenment (FLPE) as well as a number of stakeholders to ensure the success of the GMW celebrations in Nigeria, she said.
As part of this week’s events, children in secondary schools from the six political areas, and the FCT and Lagos participated in a trip to the Nigerian Exchange Group, Lagos, the CBN’s money museum, Abuja, attended the Financial Literacy Fair at the CBN Head Office Abuja, and the School Mentoring Programme across the six political areas, 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.”