Nigerian Analysts Dismiss Crypto’s Role in Bureau De Change Shutdown

Nigerian analysts counter claims linking the Bureau De Change (BDC) shutdown to the crypto market. Kue Barinor Paul asserts cryptocurrency's minor role, emphasizing broader issues affecting forex in Nigeria.

  • Nigerian Web3 legal representative, Kue Barinor Paul, refutes allegations linking P2P crypto market to the shutdown of Bureau De Change (BDC) in Abuja.
  • BDC operators cite the unavailability of USD, pointing fingers at P2P crypto exchanges as contributing to their challenges.
  • Paul asserts that cryptocurrency plays a minor role in Nigeria’s forex activities, attributing BDC issues to factors like price fluctuations and import reliance.
  • Nigeria, the world’s largest P2P market, faces forex challenges despite the crypto ban lift in December 2023.
  • The use of stablecoins like USDT and USDC in crypto transactions is highlighted as more cost-effective compared to traditional banking for foreign exchange dealings.

Crypto Impact Misunderstood

Nigerian analysts challenge the narrative linking the shutdown of Bureau De Change (BDC) operations in Abuja to the country’s thriving cryptocurrency peer-to-peer (P2P) market. Despite claims by BDC operators of the crypto sector contributing to the scarcity of United States dollars, Kue Barinor Paul, a prominent Web3 legal representative, dismisses these allegations.

Factors Beyond Crypto

In an exclusive interview with Cointelegraph, Paul underscores that the challenges faced by BDCs stem from more significant issues such as price fluctuations and Nigeria’s heavy reliance on imports, minimizing the role of cryptocurrency in the forex equation. He argues that blaming the P2P crypto market is a diversion from addressing the core problems impacting BDC liquidity.

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