Friday, January 28, 2022

School in Nigeria to accept fees in cryptocurrencies

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Staff Writer
Africa Feeds Staff writers are group of African journalists focused on reporting news about the continent and the rest of the world.
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A school in the northern Nigeria city of Kano is now accepting cryptocurrency as a means of payment fees.

Oxford Science Academy, a private school however said the digital money is not compulsory.

The school’s head, Sabi’u Musa Haruna told BBC that the school parents of students had been consulted with many welcoming the decision.

Nigeria is the second largest bitcoin market in the world after the United States but the use of cryptocurrencies in Nigeria has sparked controversy in the country.

Nigeria’s Central Bank told banks and other financial institutions in the country to close all cryptocurrency-related accounts.

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In a statement in February this year the central bank said all financial institutions were prohibited from facilitating crypto currency payments.

“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency is prohibited,” the statement said.

According to the Central Bank of Nigeria financial institutions are to identify persons and entities transacting in, or, operating crypto currency exchanges and go ahead to close such accounts immediately.

The bank said “breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

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The latest crackdown on cryptocurrency could undo the gains made in Nigeria, a country that has seen growth in virtual currency for the past five years.


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