A little more than a year after its introduction in October 2021, Nigeria’s eNaira has only managed to get an adoption rate of 0.5%. The legislation that is set to be passed comes as a result of this fact. According to recent reports, the government of Nigeria will soon approve a legislation that will officially recognize the use of Bitcoin and other cryptocurrencies as a method for the country to bring its practices in line with those of the rest of the world.
Following an interview with House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim, the news was published in the Nigerian-based masthead Punch Newspapers on December 18th.
