Despite the ban on cryptocurrency, the Central Bank of Nigeria (CBN), a private secondary school in Kano, New Oxford Science Academy, Chiranchi, yesterday announced that it is accepting cryptocurrency as payment for school fees.
The proprietor of the school, Sabi’u Musa Haruna while addressing journalists in Kano, said the school management took the decision after consulting parents and guardians.
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“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,” Haruna said.
While noting that schools in Tanzania and El-Salvador are already accepting cryptocurrency, Haruna urged the Nigerian government to quickly embrace the system and regularize it. Cryptocurrency will be allowed in Nigeria.
Earlier, CBN governor Godwin Emefiele said it will allow Nigerians to trade in cryptocurrency almost four months after it informed banks to close cryptocurrency linked accounts.
In February, Emefiele had ruled out the central bank’s support for the digital currency, stating that it is used to fund criminal activities and no credible investors will want to be associated with it.
He reiterated this sentiment after the CBN monetary policy committee meeting, stating that cryptocurrency is mostly used for illegitimate businesses as the apex Bank has carried out its investigation.
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