Local reports state that Bureau De Change (BDC) operators announced the shutdown of operations in Abuja due to the unavailability of dollars.
The Nigerian cryptocurrency peer-to-peer (P2P) market is not accountable for the shutdown of the nation capital’s Bureau De Change (BDC) chapter, according to Nigerian Web3 legal representative and analyst Kue Barinor Paul.
According to local media, Nigerian currency traders, otherwise known as Bureau De Change (BDC) operators, have announced the shutdown of operations in Abuja due to the unavailability of dollars. The currency traders reportedly mentioned the existence of crypto P2P as a reason for its woes.
In an interview with Cointelegraph, Paul clarified that the allegations are baseless, emphasizing that cryptocurrency plays a minor role in Nigeria’s forex activities. He pointed out that more significant factors, such as price fluctuations and the country’s reliance on imports, contribute more significantly to forex shortages.