Stand in a position whereby your feet are approximately shoulder width apart, place one foot infront of the other foot, and keep your knees bent. With your left hand, dribble the ball around your left foot from front to back. When the ball reaches between your legs, change to your right hand and dribble the ball around your right foot. Each time the ball comes back to your center, switch your hands and dribble around the other foot. Be sure that you are keeping the ball just a few inches off the ground with the dribble.
As you you practise this drill and improve, speed up the process. When partaking in this basketball drill, it is important to focus on your positioning. Ensure that you keep your head up and not to look down at the ball. Perform this drill for a full minute, rest for around thirty seconds, then repeat the process five times.
Check out this video for a better view of the figure eight dribble.