Classified as an emerging market with a weak economy, Nigeria has seen a sharp surge in crypto activity.

In Nigeria, these activities often involve crypto companies and open exchanges operating in the country with significant growth in trading volume. This time, however, the news comes from a Nigerian high school that is introducing Bitcoin as a means of payment.

Nigerian high school accepts Bitcoin

The school management and the parents of the students at the New Oxford Academy of Sciences, a private secondary school in the municipality of Kano, the capital of the state of Nigeria of the same name, have agreed that the tuition fees can be paid in cryptocurrency.

The school’s principal, Sabi’u Haruna, told a local newspaper that an agreement had been reached to cut tuition fees. He further noted that crypto is gaining ground and being adopted by more people around the world, noting that El Salvador has accepted crypto as legal tender. We believe that one day digital currency will be more accepted than paper money. “

Nigerian high school is adopting Bitcoin amid the uncertainty of crypto regulation in the country

Bitcoin is by far the best known and most popular cryptocurrency. Although it lags other coins in terms of speed and stability, it is still much cheaper to conduct transactions than fiat currencies like the Nigerian naira. When companies enter the crypto space, they often choose Bitcoin because of its popularity. So if Nigerians start Bitcoin too, they won’t be left behind on the crypto journey. In fact, Africa is the continent with the most Bitcoin searches on Google and shows their intentions if they still haven’t taken on it with the same intensity as other continents.

The introduction of Bitcoin by a Nigerian high school is an alarmingly bold move for an institution in Nigeria as the regulatory situation surrounding cryptocurrencies in the country remains very uncertain.

Nigeria is said to have previously banned bitcoin and crypto trading in the country. Although the Central Bank of Nigeria clarified the statement shortly afterwards, stating that it was not a total ban, banks in the country are still prohibited from allowing crypto-related transactions.

In particular, development has not prevented Nigerians from trading cryptocurrencies. If anything, the promotion of the asset class has seen a surge in crypto trading in the country. In-country cryptocurrency exchanges such as Paxful and Binance have seen an increase in peer-to-peer transactions in the country. Nigeria’s peer-to-peer Bitcoin trading volume, led by a young population, exceeded $ 99 million in the first quarter of 2021, according to UsefulTulips, making the country a peer-to-peer market leader in Africa is.

Currently, the school’s decision, like that of stock exchanges and young Nigerians, to continue using cryptocurrencies despite government crackdowns reflects their ability to recover and their confidence in the property’s value.

In conclusion, the future of crypto adoption in Nigeria appears to be brighter. After the futility of the banking ban on crypto transactions and the surge in P2P transactions, the Nigerian government appears to be changing its stance.

Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria announced plans to launch cryptocurrencies; Committees have also been set up to review the implementation of blockchain technology in insurance and public finance.

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