[Rumour] Crypto P2P market the cause of BDC operation closedown in FCT

[Charles-Tim]

Edit: Association of Bureau De Change Operators of Nigeria (ABCON) said it was a rumour. https://bitcointalk.org/index.php?topic=5483998.msg63621386#msg63621386

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P. They are deviating away from the cause of the problem to bitcoin and other crypto P2P in Nigeria. Nigeria has continued to be a depending nation and rely mostly on imports than they are producing and exporting. They can not blame it on our government which are actually the primary cause.

https://cointelegraph.com/news/nigerian-analysts-refute-claims-of-crypto-role-in-the-capitals-bdc-shutdown

This video I saw on the news is worth watching. https://youtu.be/SAzM9BLG3fA?si=Kv0dmrWqVJYrTlU4

In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his?

[OGsmall]

Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P. They are deviating away from the cause of the problem to bitcoin and other crypto P2P in Nigeria. Nigeria has continued to be a depending nation and rely most on imports than theubare producing and exporting. They can not blame it on our government which are actually the primary cause.

https://cointelegraph.com/news/nigerian-analysts-refute-claims-of-crypto-role-in-the-capitals-bdc-shutdown

This video I saw on the news is worth watching. https://youtu.be/SAzM9BLG3fA?si=Kv0dmrWqVJYrTlU4

In the news, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are most related to forex and not cryptocurrencies. Do you agree with his?

Haha op how does the crypto currency’s world influences the increased velocity of dollars or BDC i essence the administration are just attempting to play a difficult one on us.

Cause I don’t see any association on how the bitcoin actually influences our importation velocities and more over the Nigerians BDC do cash but the crypto p2p do disseminate cash-on-hand can you see there is no relationship between the BDC’s and the crypto currency’s worlds.

I gist the problem here is from the u.s government’s they really should be a “FED HOLDS RATES “ in 2024 cause Nigeria are defending on dollars and if it should go up then they get confused and they start suggesting hand-at which others….

[Makus]

In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his?

I like the way the guest speaker said everything clearly without beating around the bush. It is obvious the BDC are just looking for a way to course conflict between crypto and the government again. However, just like the speaker said without crypto the Nigerian naira would have fallen more than it is today, and that's a pure fact. The only I see that the naira is still surviving at this rate is because even when crypto had restriction on banks Nigeria was still one of the word most recognize country for crypto dealings.it would be a disaster if we fight against crypto or have nothing to do with it. Thank God for this new government who saw how important it is and removed the restriction, but it would be better if all restrictions were remove.

BDC should definitely get their shit online and make life more easier rather than having a full-time offline job. I think they should make a kind of digitalized ATM for FX across all state and include their charges/tax from there, and have at least 5 currencies for exchange. I enjoyed every single second watching that video. That Mr Charles-Tim.

[Coyster]

BDC operators dey use physical U.S. dollars for their trade, whilst the crypto p2p market na online trading, were traders dey make use of cryptocurrencies. As things be now, even if there was no p2p crypto market in Naija, U.S. dollars go still dey scarce and e go still affect BDC operators, the reason na because of bad government policies, lack of exportation and insecurity that is restricting the influx of foreign investors/businesses and also thwarting the progress of local businesses.

BDC operators just dey vex say business no good for them, so they gats find something to complain about, their claims are very baseless and i am pretty sure they know where the problem stems from.

[Doan9269]

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P.

Don't mind then, all these people are too selfish that they think we don't know the kind of game they were performing, all these that they were doing is to ensure a hike in the market price for dollar to naira, this is nothing than hoading so that the market price will rise and the will sell higher as the demands rises, cryptocurrency has nothing nto do with their fiat excha rate, bureau de change are centra and they deals with the fiat currency while p2p network deals only with cryptocurrencies.

[Coyster]

all these that they were doing is to ensure a hike in the market price for dollar to naira, this is nothing than hoading so that the market price will rise and the will sell higher as the demands rises,

The Naira just dey lose value to the dollar constantly, and even if BDC operators dey hoard the Dollar wey dem get, no be wetin go make the Naira just dey fall in value to the U.S. dollar, the reasons na wetin i don already list for my post above. Na government policies and poor state of the economy na im dey affect us, if we were a producing nation that is attracting funds from abroad and foreign investors too, we no go too bother wetin BDC operators dey do, and dem no go even fit hoard dollar, because the Naira go dey appreciate and na them go lose.

[Miles2006]

I actually thought 2024 will be a beneficial year for all crypto enthusiasts with the previous news but seeing this now has made some things to change including my thought, I'm trying so hard not to blame the country neither BDC but they should change their thought towards crypto p2p market. Why wanting a fight when there's no valid reason to fight, in the crypto space everyone make use of the online trade and how can an online trading affect the supply of dollars, funny how some Nigerians had refused to grow, they should not forget that the world is growing and they're some certain things they should never kick out like modern technology, the p2p crypto market has made things easier for a lot of Nigerians so this is just an excuse that's not valid.  

[Zanab247]

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

I knew it, that something like this will come up in this new administration because they are looking for who to blame for this dollar to naira issues that is affecting the country and they have come up to lay the blamed on crypto P2P market that is not the caused of the falling of naira in the country, but let us watch if truly crypto P2P market is the caused of all those issues in the land.

Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P.

Very funny bro, well is not a surprised thing to me because this is what any country can experience when you employed wrong people in some position in the government and they will continue giving excuses why they are not functioning well in their position which are some of the things we are experiencing from the central bank of Nigeria today.

[Kelward]

BDC operators dey use physical U.S. dollars for their trade, whilst the crypto p2p market na online trading, were traders dey make use of cryptocurrencies. As things be now, even if there was no p2p crypto market in Naija, U.S. dollars go still dey scarce and e go still affect BDC operators, the reason na because of bad government policies, lack of exportation and insecurity that is restricting the influx of foreign investors/businesses and also thwarting the progress of local businesses.

BDC operators just dey vex say business no good for them, so they gats find something to complain about, their claims are very baseless and i am pretty sure they know where the problem stems from.

Den na CBN ban banks to facilitate crypto transactions, dat one settle, now na BDC operators de say na crypto p2p be di cause of dem problem, di matter really tire me for di country, anyway just like every reasonable person don analysis, dollar na fiat currency and crypto na digital currency, dem two no get any competition. Forex trading de im own while crypto trading de im own, so make dem find another reason for di scarcity of dollars for di country and leave digital currency alone. Crypto p2p no be di problem of Nigeria, parts of our problems wey de cause naira devalue and dollar scarcity na im you don mention so for your post.

[Spaceman1000$]

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P. They are deviating away from the cause of the problem to bitcoin and other crypto P2P in Nigeria. Nigeria has continued to be a depending nation and rely mostly on imports than they are producing and exporting. They can not blame it on our government which are actually the primary cause.

https://cointelegraph.com/news/nigerian-analysts-refute-claims-of-crypto-role-in-the-capitals-bdc-shutdown

This video I saw on the news is worth watching. https://youtu.be/SAzM9BLG3fA?si=Kv0dmrWqVJYrTlU4

In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his?

I believe at this point the government and some of these BDC operators are just hell bent on blaming anybody, because how can you tell me that the cryptocurrency P2P operation is one of the causes of shortage of US dollar supply in the country.
Of course Forex is one of the major determinant of the price of Naira to foreign currency, because it's the money market, and hence your currency is not traded, it begins to lose Value.
Cryptocurrency is just a digital currency, the equivalent of the amount of cryptocurrency you have can only be converted to your local currency and it will give you the value it worth in your local currency. cryptocurrency does not determine the value of your local currency, the value of your currency comes from the international market, hence the international market pegs your currency at a certain rate, that is it.

[Davidvictorson]

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

I will tell you this for free this news is false. I live in the FCT and as at last week Friday(2^nd Feb, 2024), someone very close change $300. This is all misinformation. And for anyone who believes this BS and wants proof, I can go to Wuse 2 one of the places where they can their shops and send picture evidence.

In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his?

Yes I agree with him. Nothing concern price of naira with crypto. Na just agents of mischief dey yarn dust. But lastly, agenda must agend. Everibodi dey fear make president nor shook eye for their business if dem call a spade a spade na him make dem put the blame untop crypto because e nor get who go defend crypto.

[Charles-Tim]

I will tell you this for free this news is false. I live in the FCT and as at last week Friday(2nd Feb, 2024), someone very close change $300. This is all misinformation. And for anyone who believes this BS and wants proof, I can go to Wuse 2 one of the places where they can their shops and send picture evidence.

Likely you are correct. But I am surprised that more recognized news (like Punch, The Channels, Premium times, Daily post etc) in Nigeria had the rumor on their news, but they were unable to bring out another news where ABCON said it is a rumuor. See some of the fake news:

https://punchng.com/abuja-bdc-operators-shut-down-operations-over-dollar-scarcity/?amp
https://www.channelstv.com/2024/02/01/bdcs-in-abuja-shut-down-over-dollar-scarcity/amp/
https://www.premiumtimesng.com/news/top-news/664292-abuja-bdc-operators-shut-down-operations.html
https://dailypost.ng/2024/02/01/bureau-de-change-operators-shut-down-offices-in-abuja-as-forex-crisis-worsens/

You can see the news links. I am disappointed that there was ABCON denied it but the news did not talked about it.

I checked some sites now that say Association of Bureau De Change Operators of Nigeria (ABCON) denied it and said it is a rumour in a circular that came out on 1st if February.

https://www.ripplesnigeria.com/bureau-de-change-operators-deny-shutting-operations-in-abuja/%3famp
https://vmtnews.ng/bureau-de-change-refutes-closure-romores-in-abuja/
https://politicsnigeria.com/just-in-bureau-de-change-operators-denies-rumors-of-shutting-down-operations-in-abuja/
https://www.legit.ng/business-economy/money/1576742-profit-selling-bdc-operators-finally-explained-real-reason-bdcs-allegedly-shut-down/

[Davidvictorson]

Likely you are correct. But I am surprised that more recognized news (like Punch, The Channels, Premium times, Daily post etc) in Nigeria had the rumor on their news, but was unable to bring out another news where ABCON said it is a rumuor. See some of the dake news:

https://punchng.com/abuja-bdc-operators-shut-down-operations-over-dollar-scarcity/?amp
https://www.channelstv.com/2024/02/01/bdcs-in-abuja-shut-down-over-dollar-scarcity/amp/
https://www.premiumtimesng.com/news/top-news/664292-abuja-bdc-operators-shut-down-operations.html
https://dailypost.ng/2024/02/01/bureau-de-change-operators-shut-down-offices-in-abuja-as-forex-crisis-worsens/

You can see the news links. I am disappointed that there was ABCON denied it but the news did not talked about it.

I checked some sites now that say Association of Bureau De Change Operators of Nigeria (ABCON) denied it and said it is a rumour in a circular that came out on 1st if February.

https://www.ripplesnigeria.com/bureau-de-change-operators-deny-shutting-operations-in-abuja/%3famp
https://vmtnews.ng/bureau-de-change-refutes-closure-romores-in-abuja/
https://politicsnigeria.com/just-in-bureau-de-change-operators-denies-rumors-of-shutting-down-operations-in-abuja/
https://www.legit.ng/business-economy/money/1576742-profit-selling-bdc-operators-finally-explained-real-reason-bdcs-allegedly-shut-down/

Bros if you understand how these print media work you will weep for the our country. These people don't go to the field to really certify and confirm the news. What they do is share the news amongst themselves and tweak it so that it doesn't have the same words. Similar to what some folks do when they copy their friends in the exam hall. They change the words so that it doesn't look the same.

[Charles-Tim]

Bros if you understand how these print media work you will weep for the our country. These people don't go to the field to really certify and confirm the news. What they do is share the news amongst themselves and tweak it so that it doesn't have the same words. Similar to what some folks do when they copy their friends in the exam hall. They change the words so that it doesn't look the same.

This is not what I am even saying. Let us assume that they are all wrong as ABCON denied it in the circular they released on February 1st. This is a very sensitive news that all those that brought up fake news should also put on their news for people reading their news to know that it was a fake news. If it is on Punch and Cointelegraph, I would seen it. I saw only the fake news.

[7juju]

Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong.

I will tell you this for free this news is false. I live in the FCT and as at last week Friday(2^nd Feb, 2024), someone very close change $300. This is all misinformation. And for anyone who believes this BS and wants proof, I can go to Wuse 2 one of the places where they can their shops and send picture evidence.

In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his?

Yes I agree with him. Nothing concern price of naira with crypto. Na just agents of mischief dey yarn dust. But lastly, agenda must agend. Everibodi dey fear make president nor shook eye for their business if dem call a spade a spade na him make dem put the blame untop crypto because e nor get who go defend crypto.

Make them dey continue to dey talk rubbish about crypto na them go tire. Thank God say crypto no be only Naija something, na worldwide that's why they can't do anything about it. If to say crypto na only Naija something Dem for some burry crypto since. But it's true we don't have who to defend crypto to from the top government officials, but crypto will defend itself. It has been doing for years now, even when the government of the world ganged up against crypto nothing happened and it's still maruding forward. Crypto will defend itself in Naija and they youths are behind it. Crypto can't go down in Nigeria just because of few individuals chasing clout.

[Coyster]

Crypto will defend itself in Naija and they youths are behind it. Crypto can't go down in Nigeria just because of few individuals chasing clout.

As you can see, the news na fake news and e dey shock me as some reputable news sites been carry this news for their pages without verifying its authenticity. BTW, governments no dey after crypto because them wan ban am, dem dey after crypto because them wan monitor and regulate am, and dem also wan dey gain from am through taxes, but mind you say any government can declare crypto illegal in their jurisdiction, and that will be the end of crypto for that location, and for example if e happen for Naija (which i don't think it will), you and "the youths" no go fit do anything about am.

[Benedictare]

 
   The  truth about this country is that they keep on deviating from the truth,when it is crystal clear that what they are seeing is black, instead of them to solve the problem BDC is facing and update their technology, they will not, now they are not happy that the youths are smiling through Bitcoin,they are trying a way to stop it,but it will not work because God is on our side.
 
   Am so happy about what the CEO of Alpha -Greek -Technology said, let Nigeria solve their problem and not running away from it, i don't think a rumour, it's just that their claim was not supported,what about the evidences