A Kano-based school, New Oxford Science Academy, Chiranchi, has adopted cryptocurrency as means of payment of school fees. The school’s principal, Sabi’u Musa Haruna, who confirmed the development to our correspondent said the decision was taken after extensive consultations with parents. He added that it would ease the payment of school fees. “We … [Read more…]
The International Monetary Fund has called for caution in the use of cryptocurrencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use … [Read more…]
Cryptocurrency has become a widely acceptable means of payment with greater capacity and faster settlement than other traditional financial structures. It is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions. Cryptocurrency market was started by … [Read more…]
A new Central Bank of Nigeria directive, dated February 5, 2021, has ordered all deposit money banks, non-bank financial institutions and other financial institutions that have opened windows for dealing in cryptocurrencies or facilitating payments for such currencies to close them down. It also demands that “persons and/or entities transacting in or operating cryptocurrency … [Read more…]
The Central Bank of Nigeria (CBN) on Sunday said Nigeria is not the only country where Cryptocurrency is outlawed. It explained that many other countries, central banks, international financial institutions, and investors and economists have also warned against its use. They include China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi … [Read more…]