Did Cryptocurrency Trigger Nigeria’s Bureau De Change Shutdown? 🛑
Nigerian Bureau De Change (#BDC ) operators in Abuja announce a shutdown, citing a lack of dollars.
Contrary to local reports blaming the cryptocurrency #P2P market, analyst Kue Barinor Paul asserts that crypto plays a minor role in Nigeria's forex issues. He highlights factors like price fluctuations and import reliance as more significant contributors.
Paul dispels claims of direct competition, explaining that BDCs deal with physical fiat, while crypto transactions involve online digital assets.
#Nigeria , the largest P2P market globally post the 2021 CBN ban, witnesses increased crypto adoption due to lower fees for foreign currency transfers. Analysts advocate for collaboration between traditional BDCs and digital currency operators, emphasizing the need for appropriate cryptocurrency regulation by the government.
