We accept bitcoin

George Residence became the first hotel to accept bitcoin in Nigeria.

Nigeria hotel, George Residence, has become the first hotel to accept bitcoin in Nigeria.

The CEO of the hospitality company, Yanju George made it clear to the general public through an announcement released through the media.

In his words, he said the hotel is not going to be accepting bitcoin alone but bitcoin will serve as their primary reserve.

The company balance will be adjusted to make bitcoin as part of their investment.

To clarify the decision of the hotel, the CEO said the company is changing to bitcoin as its primary reserve so as to hedge their funds against inflation.

The inflation rate in Nigeria has been on a double figure since 2016 reaching its highest in February, 2017 when the inflation rate hit 17.33%

‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’

“Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them,” Yanju George, CEO, George Residence.

In order to make the plan a reality, George Residence has partnered with Coinvest Africa to serve as their trustee and payment platform.

Though, we now have the first hotel to accept bitcoin in Nigeria but that does not dispute the fact that the Central Bank of Nigeria and Securities and Exchange Commission has not reached an agreement over cryptocurrencies in Nigeria.

CBN and SEC are still working on the right and safest path for citizens but with this, several companies might join the list.

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