A private learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting parents and guardians of the students.
Move Consistent With Global Trends
As reported by the Dailypost, the New Oxford Science Academy owner also justified the move saying this is in line with the changing global trends. Haruna said:
We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money. The decision is aimed at easing the payment of school fees for the parents.
School Ignores CBN Warnings
By accepting cryptocurrencies, New Oxford Science Academy is ignoring the Central Bank of Nigeria (CBN) and other regulators’ repeated warnings against the use and acceptance of cryptocurrencies. In their warnings, Nigerian regulators — like many of their peers across the African continent — point to the volatile nature of cryptocurrencies. They also highlight the high number of scam operations that claim to be legitimate crypto investing platforms.
In addition to attacking cryptocurrencies’ volatile nature, the CBN leadership and its governor, Godwin Emefiele, have in the past implied that decentralized cryptos are helping to accelerate the naira’s plunge on the foreign currency black market. Therefore, to curb this growth and influence of cryptocurrencies on the country’s economy, Nigerian authorities directed financial institutions to stop offering their services to exchanges and individuals that are associated with cryptocurrencies.
However, it appears the CBN directive as well as the repeated warnings have not succeeded in persuading Nigerians to stay away from crypto. Instead, as data shows, Nigeria still remains one of the biggest cryptocurrency markets in Africa. In addition, New Oxford Science Academy’s acceptance of cryptocurrency suggests interest in cryptocurrencies has not regressed.