Global Money Week: CBN Takes Financial Literacy Campaign to Classrooms

In continuation of its weeklong activity to commemorate Global Money Week 2024, the Central Bank of Nigeria (CBN), yesterday took its financial literacy awareness to classrooms across the country's six geopolitical zones.

Part of the objectives was to inculcate financial issues in the minds of young pupils and students at tender ages and prepare them for the opportunities and challenges of the evolving financial landscape.

Speaking at the outreach at the Government Secondary School (GSS), Gwagwa, Abuja, acting CBN Director, Consumer Protection Department (CPD), Othniel Nuhu, explained that with this year’s theme, "Protect your Money, Secure your Future", the apex bank intended to play a catch-them-young to introduce the students to the concepts of money.

He said the awareness was necessary to instill in the students, the right attitude towards money, including earning, saving, and investing early.

Addressing the students, Nuhu said, “We at CBN are interested in educating you about money even though we know you are not working yet because we want to catch you young.

“What we are doing here has to do with financial literacy. It is different from the education you are getting here because you can be a professor and not know how to manage your money.

“We want to inculcate in you, the culture of saving; you can save from the gifts and allowances you receive from your parents and other relatives.”

He said, “We want you to begin to learn the culture of saving for the future. Your parents can open bank accounts on your behalf until you turn 18. So that by the time you become adults and start working, you will have mastered the art of saving.”

According to him, the apex bank at its 12th edition of Literacy Fair on Tuesday, emphasised the need to increase financial literacy, as this was key to creating wealth, improving income, and enhancing living conditions of Nigerians.

Also, the Head of Consumer Education and Evaluation Division in the CPD, Mr. Gbadamosi Lanre, expressed concern about the poor level of financial literacy in the country, which he said only increased from 13 per cent to about 33 per cent over time.

Lanre attributed the low financial literacy level to inadequate awareness, poor income rates, and escalating poverty levels in the country.

He, however noted that the central bank was creating a monitoring and evaluation framework for financial literacy to offer an impartial evaluation of the CBN's financial literacy efforts.