CBN takes financial literacy campaign to schools in FCT

The Central Bank of Nigeria (CBN), on Thursday, took its financial literacy campaign to secondary schools in the Federal Capital Territory (FCT), Abuja as part of activities to mark the 2024 Global Money Week.

The campaign, with the theme “Protect your money, Secure your future.” was organised by the apex bank in various schools in the six geopolitical regions of the country.

Speaking during the event at the Government Secondary School (GSS) Gwagwa, Abuja, Othniel Nuhu, the CBN Acting Director of the Consumer Protection Department said the awareness campaign 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 that 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.

“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 years. So that by the time you become adults and start working, you will have mastered the art of saving.”

The Principal of GSS Gwagwa, Mr. Abdullahi Musa Zakari, applauded the CBN for choosing the school to conduct its awareness campaign.

Zakari advised the students to treat the instruction given to them seriously and make the most of the financial literacy programme.

He said, “I believe we must count ourselves lucky for being selected among so many schools in Abuja to hold this awareness campaign. The CBN has come here to educate you on financial literacy that will help you later in life. I hope you will give them your rapt attention so that you can fully derive the benefit in it.

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“I want you to take this training seriously because everything is centred around you.”

The CBN at its 12th edition of Literacy Fair on Tuesday, emphasised the need to increase financial literacy, saying that it was key to creating wealth, improving income and enhancing the living conditions of Niger

Gbadamosi Lanre, the Head of Consumer Education and Evaluation Division in the Consumer Protection Department of the CBN, had expressed concern about the poor level of financial literacy in the nation, which he said only increased from 13 per cent to roughly 33 per cent over time.

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

He, however, noted that the Central Bank of Nigeria was creating a monitoring and evaluation framework for financial literacy to offer an impartial evaluation of the CBN’s financial literacy efforts.

NIGERIAN TRIBUNE