An educational institution in Kano State in Nigeria, the New Oxford Science Academy, recently announced that it will accept cryptocurrency as a form of payment for tuition fees. According to the owner of the school, Sabi’u Musa Haruna, the institution came to this decision after consulting the parents and guardians of the students.

Move in line with global trends

As reported per the Dailypost, the owner of the New Oxford Science Academy also justified the move by saying it was in line with changing global trends. Haruna said:

We have decided to accept cryptocurrency as a tuition fee because the world today is leaning towards the system. We believe that one day digital money will be more accepted than paper money. The decision aims to facilitate the payment of tuition fees for parents.

School ignores CBN warnings

By accepting cryptocurrencies, the New Oxford Science Academy ignores repeated warnings from the Central Bank of Nigeria (CBN) and other regulators against the use and acceptance of cryptocurrencies. In their warnings, Nigerian regulators – like many of their peers on the African continent – point to the volatile nature of cryptocurrencies. They also highlight the high number of fraudulent transactions that claim to be legitimate crypto investment platforms.

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

However, it appears that the CBN directive along with the repeated warnings have failed to persuade Nigerians to stay away from crypto. Instead, as the data shows, Nigeria remains one of the largest cryptocurrency markets in Africa. Additionally, the acceptance of cryptocurrency by the New Oxford Science Academy suggests that interest in cryptocurrencies has not waned.

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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