Whether or not this bill will become law is a significant unknown.

Even if it passes both chambers this bill would need to be signed by the President, which my best guess based on past statements and actions, would not be likely to occur (as passing this would be the final nail putting to rest any hopes that Nigeria's disused and failing CBDC can gain any significant level of traction).

And then, even this bill is signed into law, that does not mean that exchanges will be permitted access to the banks -- as the Central Bank of Nigeria prohibits its member banks from serving bitcoin (and "crypto") exchanges.

If this bill passes though, that would still be a good move forward for the people of Nigeria. Currently the police are still harassing and seizing bitcoin (and crypto) funds from individuals who have done nothing other than have a device (laptop, smartphone) with bitcoin on it or cash that could be assumed to be related to bitcoin or crypto (e.g., after conducting a P2P trade).

Nigeria legalizing bitcoin is inevitable IMO. Plenty of legislators and central bankers actively HODL Bitcoin. It's just the one old central banker who's vehemently against it. Once he finishes his tenure in 2024 it's fireworks.

Here's the article from the Nigerian media source referenced in the Bitcoin Magazine article:

Proposed cryptocurrency law to define CBN’s roles –Reps https://punchng.com/proposed-cryptocurrency-law-to-define-cbns-roles-reps [Archive] [12ft proxy]