The New Oxford Academy of Sciences, a learning institution in Kano State, Nigeria, recently announced that it will accept cryptocurrency as a payment method for tuition fees. According to school owner Sabi’u Musa Haruna, the agency made this decision after consulting with the parents and guardians of the students.
Align with global trends
According to the “Daily Mail” report, the owner of the new Oxford Academy of Sciences has also justified the move, saying it is in line with changing global trends. Haruna said:
We decided to accept cryptocurrency as tuition fees because the world today is tilting towards this system. We believe that digital currency will gain more acceptance than paper currency in one day. The decision aims to ease the payment of tuition fees for parents.
School ignores CBN warning
By accepting cryptocurrencies, the New Oxford Academy of Sciences ignored repeated warnings from the Central Bank of Nigeria (CBN) and other regulatory agencies about the use and acceptance of cryptocurrencies. In their warning, Nigerian regulators-like many peers on the African continent-pointed out the volatility of cryptocurrencies. They also emphasized a large number of scam operations that claim to be legitimate crypto investment platforms.
In addition to attacking the volatility of cryptocurrencies, the CBN leadership and its president, Godwin Emefiele (Godwin Emefiele) have hinted in the past that decentralized cryptocurrencies will help accelerate the Naira’s plunge on the foreign currency black market. Therefore, in order to curb this growth of cryptocurrency and its impact on the country’s economy, Nigerian authorities instructed financial institutions to stop providing services to cryptocurrency-related exchanges and individuals.
However, it seems that the CBN directive and repeated warnings have not succeeded in persuading Nigerians to stay away from cryptocurrencies. On the contrary, as the data shows, Nigeria is still one of the largest cryptocurrency markets in Africa. In addition, the acceptance of cryptocurrencies by the New Oxford Academy of Sciences shows that interest in cryptocurrencies has not faded.
What is your opinion on the decision of the New Oxford Academy of Sciences to accept cryptocurrency? Tell us what you think in the comments section below.
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