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A local Nigerian newspaper has reported that the Chairman of the Committee on Capital Markets and Institutions of the Nigerian House of Representatives, Babangida Ibrahim, has claimed that the country will soon pass a law to legalize the use of Bitcoin and cryptocurrencies. The bill would amend the Securities and Investments Act of 2007 and recognize bitcoin as legal capital for investment.

Back in February 2021, Nigeria effectively banned the use of Bitcoin with a letter prohibiting regulated financial businesses from “dealing” with cryptocurrencies. That same year, Bitcoin Magazine reported that Nigeria was growing the world’s largest volume of peer-to-peer bitcoin trading, and reports from Chainanalysis showed that Nigeria had greatly accelerated bitcoin adoption.



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