The recent shutdown of Nigeria’s capital’s Bureau De Change (BDC) has led to much speculation about the role of cryptocurrencies in the closure. However, local analysts are refuting these claims, asserting that the local digital currency market did not contribute to the situation. They clarify that the Central Bank of Nigeria’s decision to halt forex sales to the BDCs was the primary reason behind the shutdown, amid concerns of money laundering and other illicit activities.
These analysts argue that the growth and adoption of cryptocurrencies in Nigeria is due to the financial inclusion they offer, rather than any connections to illegal transactions. Cryptocurrencies, such as Bitcoin, offer an alternative to the traditional banking system, enabling a larger population to participate in the financial market. As a result, the shutdown of the BDCs and the rise in cryptocurrency usage in Nigeria are seen as two distinct phenomena, with different causes and implications.
