Although there are some restrictions on the usage of cryptocurrencies as a medium of exchange because of the inherent risk and official rejection in Nigeria. The goal of this study was to determine what impact legalizing the usage of cryptocurrency as a form of payment will have on the Nigerian economy. As a result, this research used both primary and secondary techniques of data collecting. To gather pertinent information from public and private management of financial institutions and businesses, questionnaires were sent. Tables and percentages were utilized to analyze the data, and the Z-test was employed to test the hypothesis put forth. The Pearson product moment correlation coefficient was used to assess the link between the variables. Among other things, the study found that there are dangers.