BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Bureau De Change Shutdown in Nigeria Spurs Crypto Market Debate

by Matoy
February 5, 2024
in BUSINESS, CRYPTO, FINANCE, INVESTING
Reading Time: 3 mins read
A A
1
SHARES
24
VIEWS
Share on XShare in TelegramShare on Reddit
  • Local media reports blamed P2P crypto exchange for Bureau De Change operators ceasing operations due to lack of US dollars, but analysts refute any direct link between the two sectors.
  • Legal expert Kue Barinor Paul explained cryptocurrency plays only a minor role in Nigeria’s forex activities compared to larger macroeconomic factors, so blaming crypto distracts from real issues.
  • Though Nigeria has the world’s largest P2P crypto market, analyst Rume Ophi says it expands transaction access for Nigerians seeking foreign exchange and inflation hedges, presenting potential collaboration with BDCs pending regulations.

A recent shutdown of Bureau De Change operators in Nigeria’s capital has sparked debate about whether the peer-to-peer cryptocurrency market is to blame. Analysts argue there is no direct link between the two sectors.

Claims Made About Crypto’s Role

Local media reports stated that Bureau De Change operators in Abuja announced ceasing operations due to a lack of availability of US dollars. The currency traders cited the existence of P2P crypto exchange as a contributing factor.

Analysts Refute Direct Link Between Crypto and Forex Shortages

In an interview, Nigerian legal expert Kue Barinor Paul clarified that the allegations lack merit. He emphasized cryptocurrency plays a minor role in Nigeria’s forex activities compared to larger macroeconomic factors.

ICYMI: 🇳🇬 Nigeria's Bureau De Change (forex exchange) shutdown blamed on crypto P2P market

— BlockNews.com (@blocknewsdotcom) February 5, 2024

Paul explained that BDCs deal in physical fiat currency, while crypto transactions involve digital assets like stablecoins. Hence, there is no direct competition between the sectors. Blaming P2P crypto for BDCs’ liquidity issues distracts from the real problems causing forex shortages.

The P2P Crypto Market’s Growth in Nigeria

Nigeria has the world’s largest P2P crypto market, which emerged after the central bank banned institutions from buying and selling crypto in 2021. However, a recent circular lifted the crypto ban on banks.

Crypto analyst Rume Ophi agreed that crypto expands transaction access for Nigerians seeking foreign exchange and inflation hedges. Ophi and Paul highlighted potential collaboration between BDCs and crypto operators pending appropriate government regulations.

The debate surrounding the Bureau De Change shutdown reveals mixed perspectives on cryptocurrency’s role in Nigeria. While the P2P crypto market is booming, analysts argue it is unconnected from forex shortages caused by broader economic factors. As crypto adoption rises, Nigeria’s government will need to balance regulation and innovation.

Tags: cryptoinvestigationNigeria
TweetShareShare
Previous Post

Spain Intensifies Crackdown on Crypto Tax Evasion with New Measures

Next Post

EU Member States Approve Landmark AI Regulatory Framework

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.