Nigerian Educational Institution Now Accepts Crypto As Payment For School Fees – Emerging Markets Bitcoin News

An educational institution in the Nigerian state of Kano, the New Oxford Science Academy, recently announced that it will accept cryptocurrencies as a means of payment for school fees. According to the school’s owner, Sabi’u Musa Haruna, the facility made this decision after consulting with the students’ parents and guardians.

Move in line with global trends

As the Dailypost reports, the owner of the New Oxford Science Academy justified the step with the fact that this corresponds to the changing global trends. Haruna said:

We decided to accept cryptocurrency as school fees because the world is heading towards the system today. We believe that digital money will find more acceptance than paper money for one day. The resolution aims to make it easier for parents to pay school fees.

School ignores CBN warnings

By adopting cryptocurrencies, the New Oxford Science Academy is ignoring repeated warnings from the Central Bank of Nigeria (CBN) and other regulators about the use and acceptance of cryptocurrencies. In their warnings, Nigerian regulators – like many of their counterparts on the African continent – point out the volatility of cryptocurrencies. They also highlight the high number of scam operations that claim to be legitimate crypto investment platforms.

In addition to attacking cryptocurrency volatility, the CBN leadership and its governor Godwin Emefiele have hinted in the past that decentralized cryptos are helping to accelerate the naira slump in the black currency market. To curb this growth and influence of cryptocurrencies on the country’s economy, the Nigerian authorities have therefore ordered financial institutions to stop offering their services on exchanges and individuals associated with cryptocurrencies.

However, it seems that the CBN policy, as well as the repeated warnings, failed to convince Nigerians to stay away from crypto. Instead, as data shows, Nigeria still remains one of the largest cryptocurrency markets in Africa. Additionally, the New Oxford Science Academy’s acceptance of cryptocurrencies suggests that interest in cryptocurrencies has not declined.

What do you think of the New Oxford Science Academy’s decision to accept cryptocurrencies? Let us know what you think in the comments section below.

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