CBN: Financial Literacy in Schools' Curriculum by October

Increases financial literacy level to 33%

The Central Bank of Nigeria (CBN), said it is working to ensure that the final copy of the National Financial Literacy Curriculum is included in schools' academic calendar by October this year.

The central bank stated that though the document was still being drafted, the curriculum should be integrated into academic programmes in the next school sessions.

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, emphasised the importance of inculcating financial literacy early in the lives of pupils and students.

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.

Represented by acting CBN Director, Consumer Protection Department, Nuhu Othniel, the deputy governor said, “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.”

He 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.

Ikeazor said, “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.”

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 said, “We are educating the children on how to cultivate the habit of saving and protecting their savings as well as educating teachers and those intermediaries who are involved in the teaching methodology of school and curriculum.

“One of the initiatives is to get financial literacy topics, financial literacy skills, and knowledge embedded in national school curriculum.”

According to him, “You cannot divorce financial literacy, consumer protection from financial inclusion, and for Nigerians to have a financial well-being, financial literacy is one of the core factors to make a wellbeing beyond income levels for us to improve the standard of living.”

However, he said the central bank has also recorded an increase in financial literacy levels over the years amid slow progress.

Lanre said, “The level is not encouraging as we speak. But we've moved from the level of 13 per cent to about 33 per cent, and as you all are aware, financial literacy is an embodiment of financial inclusion.”

He also stressed that financial inclusion had increased to 74 per cent in 2023, up from 68 per cent in 2020.

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”.