Central Bank Of Nigeria To Launch Financial Literacy Curriculum For School Students

Ahead of the 2023 World Financial Literacy Day, the Central Bank Of Nigeria (CBN) has said they will be focusing on incorporating financial literacy into the learning systems in schools.

"Without financial literacy, children of young age will not imbibe financial discipline," the Head of Consumer Education in the Consumer Protection Department, Chinyere Nwobilor, told the media on Tuesday at the event in Abuja, Vanguard reported.

"The essence of the week is to educate children on financial literacy, to enable them to acquire financial capability that will enable them to have financial wealth. ... We are celebrating with all the rest of the world and CBN is the coordinator of all stakeholders in this celebration," she added.

Nwobilor said that CBN was aiming at making the young children capable of not only earning, but also saving and investing.

To make this happen, Nwobilor disclosed the bank's plan to add a financial literacy curriculum in schools across the nation.

"There is a need for us to ensure continuity. So, we are going to have financial education in school curriculum very soon," she said. "The theme for this year is: 'Plan your Money: Plant Your Future.' How do you plan your money? You plan your money by budgeting and investment."

Aside from money management, the children will also be taught the concept of "needs and wants," so that instead of putting all their money into their "wants," they will focus on their "needs."

To ensure the same, children will first learn how to "invest" so that when the "need" arises, they have a backup to fulfill them.

This financial literacy curriculum will also encourage kids to use their skills in order to earn money, by doing odd jobs like washing cars, plaiting hair, and doing carpentry work.

"Some of the children have skills from which they can earn money," Nwobilor continued. "Some of them can plait hair, some can do carpentry work. We are telling them that they can wash cars for their uncles and their uncles can give them small money."

"This money, they can save some and gradually build up enough savings for investment, rather than filter everything away. The level of interest shown by these children will amaze you."

CBN's financial literacy curriculum idea comes as Nigeria is struggling with an economic crisis due to a new currency redesign policy that mopped up over 70% of cash in the country. According to multiple reports, the new currency redesign policy has caused an estimated loss of N20 trillion.