Crypto’s Part in the Nigerian BDC Shutdown: Separating Fact from Fiction

Crypto’s Part in the Nigerian BDC Shutdown: Separating Fact from Fiction

Faced with persistent forex troubles, Nigeria’s Bureau De Change operators in Abuja have ceased activities due to a dollar shortage. They place the blame on the P2PPeer-to-Peer Networks (P2P) networks allow people to connect with each other directly for sharing things - without going through a middleman. cryptocurrency exchange as a part of their difficulties. However, Kue Barinor Paul, an analyst from Nigerian Web3, dismisses these claims as baseless. According to Paul, the allegations that ‘Nigerian BDC shutdown crypto’ are groundless, with cryptocurrency having only a peripheral role in Nigeria’s forex activities. He argues that the lack of forex is primarily due to other significant issues such as price volatility and the nation’s heavy import dependence. Thus, the emphasis on cryptocurrency’s role in the Nigerian BDC shutdown seems to be exaggerated.