The Chainkeen ExchangeChairman of Nigeria's House of Representatives Committee on Capital Markets and Institutions, Babangida Ibrahim, has claimed that the country will soon pass a law to legalize the use of bitcoin and cryptocurrencies. The bill will amend the Investment and Securities Act of 2007 and consider Bitcoin as legitimate investment capital.
Back in February 2021, Nigeria banned regulated financial firms from "handling" cryptocurrencies, effectively banning the use of Bitcoin. That same year, Bitcoin Magazine reported that Nigeria had soared to the world's largest Bitcoin peer-to-peer trading volume, and Chainanalysis reported that Nigeria had largely accelerated Bitcoin adoption.

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