The closure of the Bureau De Change (BDC) chapter in Nigeria's capital, Abuja, is not the result of the country's cryptocurrency peer-to-peer (P2P) market, according to Kue Barinor Paul, a Nigerian Web3 legal representative and analyst. BDC operators, who are currency traders, blamed the unavailability of dollars and the presence of crypto P2P for their troubles. However, Paul stated that cryptocurrency plays a minor role in Nigeria's forex activities, with price fluctuations and import reliance being more significant factors causing forex shortages. Paul explained that BDCs deal in physical fiat, while crypto transactions use digital assets like stablecoins, resulting in no direct competition between the two. Nigeria is currently the largest P2P market globally, with the lifting of the crypto ban allowing Nigerians to conduct transactions conveniently and at lower fees compared to traditional banking. Paul suggests there is potential for collaboration between BDCs and digital currency operators if both sectors are properly regulated. Read more AI-generated news on: https://app.chaingpt.org/news