The Nigerian cryptocurrency peer-to-peer (P2P) market is not accountable for the shutdown of the Bureau De Change (BDC) in the country’s capital, Abuja, according to Nigerian Web3 legal representative and analyst Kue Barinor Paul.

According to local media, BDC operators have announced the shutdown of operations in Abuja due to the unavailability of United States dollars. The currency traders reportedly mentioned the existence of P2P crypto exchange as a reason for its woes.

In an interview with Cointelegraph, Paul clarified that the allegations are baseless, emphasizing that cryptocurrency plays a minor role in Nigeria’s forex activities. He pointed out that more significant factors, such as price fluctuations and the country’s reliance on imports, contribute to forex shortages.