Yes it is legal however, banks consider it as illegal. As of 17 January 2017, The Central Bank of Nigeria (CBN) has handed a circular to inform all Nigerian banks that bank transactions in bitcoin and other digital currencies have been banned in Nigeria.

Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies – blockchain. The committee has submitted its report however “several sub-committees are nevertheless working on the issue” according to the Director, Banking & Payments System Department at CBN, Mr. ‘Dipo Fatokun.