As a key priority of the Financial Inclusion Strategy, the CBN developed a Financial Literacy Framework (FLF) in January, 2013.
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The population structure is potentially an economic asset. The country has the largest population of youths in the world, with a median age of 18.1 years. About 70 per cent of the population are under 30, and 42 per cent are under the age of 15. The overall quality of life for the population is however of concern to many. Poverty and youth unemployment have been a major source of worry for policy makers and other stakeholders for decades now.
Consumers of financial services have also been subjected to unethical practices by financial institutions, which could be attributed to their low levels of financial literacy, arising from their lack of knowledge of their rights and obligations in their relationships with financial institutions. It is only when the vast majority of the Nigerian population is financially literate that they can participate in the formal financial system, by becoming aware of and taking advantage of its opportunities, get financially included and thereby contribute to the financial and economic development of Nigeria.
In collaboration with the members of the Bankers’ Committee, the CBN, with the sole aim of inculcating the right financial habits and skills in children that would make them take the right decision that will enhance their financial well-being, has facilitated School Mentoring/Reach-out Programmes, such as the commemoration of the annual “Global Money Week,” which started in 2013, and the commemoration of the annual “World Savings Day,” to teach students various financial literacy topics like...
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