Ignore Government Warning, Nigerian Schools Accept Cryptocurrency Payments

JAKARTA – In the midst of the widespread acceptance of crypto money in educational institutions, a school in Kano, Nigeria, called the Oxford Science Academy has announced that it accepts crypto money as school payments.

According to News.Bitcoin.com, the school's owner, Sabi'u Musa Haruna, issued the statement after consulting with parents and guardians.

Based on the Dailypost report, the owner of the New Oxford Science Academy also justified the decision by saying that accepting cryptocurrencies is in line with the ever-changing global trend.

“We have decided to accept cryptocurrency as a tuition fee because the world is currently leaning towards (such) system,” Haruna said.

He also believes cryptocurrencies will be more widely accepted in the future than paper money. The action was taken to ease the school fees that burden parents.

“We believe digital money will one day get more acceptance than paper money. The decision aims to ease the payment of parents' school fees," Haruna added.

The decision of the educational institution is contrary to the Central Bank of Nigeria (CBN) which often warns of the use of volatile cryptocurrencies. CBN also highlighted the high rate of fraud in the name of crypto investing and trading.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, emphasized that the decentralized cryptocurrency played a role in lowering the value of the national currency, the naira on the black market of foreign exchange.

Therefore, Emefiele strives to stem the influence of cryptocurrencies on the country's economy. Nigerian authorities have also instructed financial institutions to stop providing exchange services on crypto exchanges.

However, the warnings and directives from the Central Bank of Nigeria were not heard by Nigerians who prefer to accept the use of cryptocurrencies. In addition to educational institutions in Nigeria, a University in Paraguay is also reportedly accepting tuition payments in crypto.

Data proves that Nigeria is one of the largest cryptocurrency markets on the African continent. The New Oxford Science Academy's decision proves the acceptance of cryptocurrencies in Nigeria is increasing, even though the government does not like it.