A Nigerian business receives dollars into a domiciliary account in the company's name at a Nigerian bank. Some use a USD account abroad through a provider. The source of the money sets the rules. Export proceeds, service fees and money transfer payouts each follow different CBN rules.
General information, not legal or tax advice. Rules are dated below. Check them with your bank before you rely on them.
Which account should a business use to receive dollars?
The first route is a domiciliary account, or dom account, at a Nigerian bank. Under the 2026 FX Manual, as summarised by law firm UUBO, Nigerian companies may hold two kinds. One is the ordinary dom account. The other is the export proceeds dom account.
The other route is a USD account held abroad through a payment provider. Your payer sends dollars to that account. You convert or move them later. Goods export proceeds must still land in your export proceeds dom account, per law firms.
| Route | Name on the account | Best for | Ask before you share the details |
|---|---|---|---|
| Ordinary dom account, Nigerian bank | Your company | Other dollar inflows, if your bank agrees | Which documents the bank wants per inflow |
| Export proceeds dom account, Nigerian bank | Your company | Proceeds of goods you export | Which bank holds your Form NXP |
| USD account abroad, through a provider | Your company, or the provider with a reference for you | Payers who can pay into the provider's account details | Whose name your payer will see |
Put the account in the name of the company that signs the contract. That is the name on your invoice. A founder's personal account breaks that match.
Ask the payer how they will pay before you send details. Then give details that can take that payment. For a SWIFT wire, the payer's bank asks for your name, account and address. It also needs the SWIFT code of your bank.
Some providers open accounts in the client's own name. Others hold the account in their own name and give you a reference. Ask which model you are getting. For how these accounts work, see virtual accounts in Africa.
Which CBN rules apply to the dollars you receive?
It depends on where the money comes from. The CBN Foreign Exchange Manual, 4th edition, took effect on 1 June 2026. It replaced the 2018 Manual. No public copy of the full text could be found. The rules below come from law-firm summaries and CBN web pages.
| Where the dollars come from | Account | What the bank asks for | Rule and date |
|---|---|---|---|
| Goods you export | Export proceeds dom account at the bank that processed your Form NXP | Form NXP and the transaction documents | 2026 Manual, per law firms: Form NXP is free, no cash withdrawals |
| Services you sell abroad (ICT, digital, professional) | Dom account. Ask your bank which type. | Invoice, contract or service agreement, proof of the inflow | 2026 Manual, Memorandum 10D |
| Money sent through a licensed money transfer operator | Naira account | Usual account checks | Paid in naira only. CBN guidelines of 31 January 2024, per Aluko and Oyebode. |
Goods exports
Register the export on a Form NXP with your bank. Under the 2026 Manual, processing the form is free. The dollars must come back into your export proceeds account at that bank.
The deadline counts from the bill of lading date. The 2018 Manual gave 180 days for non-oil exports. Law-firm summaries of the 2026 Manual give different figures. Confirm the current number with your bank.
You cannot withdraw cash from an export proceeds account. To use the money, give the bank the documents for the deal. You can also sell the dollars to any authorised dealer bank. Or move them to an ordinary dom account.
Service exports
The 2026 Manual names service exports, including ICT, digital, professional and business services. Keep three documents for each payment. These are the invoice, the contract or service agreement, and proof of the inflow. Banks must capture these receipts and report them to the CBN.
Money transfer operators
Money transfer operators pay Nigerian beneficiaries in naira, not dollars. Law firm Aluko and Oyebode summarises the CBN's revised guidelines of 31 January 2024. Payouts are in naira only, and business-to-business transfers are covered. Payouts above US$200 must go to an account, not cash.
Since 1 May 2026, operators must pay beneficiaries through designated naira settlement accounts. The 2026 Manual keeps naira, or any other currency the CBN names. So do not ask a foreign client to pay an invoice through a remittance app.
What does the 2026 FX Manual change for dom accounts?
Four rules matter for a business. Law firms list three as 2026 changes. Most come from the Olaniwun Ajayi law-firm summary of July 2026.
- Open access to ordinary dom accounts. Holders get "unfettered and unrestricted access" to their funds.
- No Form A for self-funded transfers out. Law firm Pavestones reports this removal. The bank still records the purpose of each transfer.
- Cash deposits move by transfer, up to US$10,000 a day. The CBN's FX management page lists this limit among its reforms since 2023.
- Tighter export proceeds accounts. No cash withdrawals. Transfers to third parties need a stated purpose.
Two limits apply. Per UUBO, dom balances cannot fund domestic investments, under Memorandum 18. Inside Nigeria, deals between Nigerian firms are generally paid in naira.
Watch one open issue. On 28 September 2026, Vanguard reported banks limiting dollar cash withdrawals from dom accounts. A source close to the CBN said a circular would follow. None appeared on the CBN circular list by 20 October 2026.
What documents does a bank ask for to open a business dom account?
Each bank sets its own list. These come from three bank documents read in October 2026. Access Bank's dom page and GTBank's corporate form give most of them. Stanbic IBTC's current account page adds the status report and BVN.
- CAC certificate and status report. Limited companies add the memorandum and articles.
- A valid ID for each signatory, and a residence permit for foreign signatories.
- A board resolution to open the account.
- The company's tax identification number (TIN).
- At Stanbic IBTC, the BVN of all signatories, directors and shareholders with 5% or more.
How do you convert the dollars to naira?
Sell them to a bank in the Nigerian Foreign Exchange Market, or NFEM. Since 14 June 2023, the rate is set on a willing buyer, willing seller basis. The CBN later renamed its main window the NFEM.
Check the rate and the bank's charges on the deal before you accept. Time the sale to your naira bills, since local suppliers are paid in naira.
The naira is legal tender in Nigeria. Under section 20 of the CBN Act 2007, refusing it as payment is an offence. Law firms report that the 2026 Manual bars paying for local goods and services in dollars. The exception is where a law allows it.
Why does a dollar payment arrive short or late?
Three causes come up most.
- Charges. The payer picks a charges option. SHA means each side pays its own bank. BEN puts all charges on you. Ask for OUR so the payer bears all the charges.
- Name mismatch. The beneficiary name on the payment must match your account name. Send the exact company name, as registered.
- Missing purpose or reference. Ask the payer to put your invoice number in the payment details. It ties the money to the document your bank will ask for. See MT103 for Nigerian payments for the fields.
Platforms that collect dollars for many sellers have a harder version of this problem. One pooled account makes every payment a matching job. Separate account details per seller fix that. See how to choose a collections API for Africa.
FAQ
What account can a business use to receive dollars in Nigeria?
A domiciliary account in the company's name at a Nigerian bank. Goods exporters need an export proceeds domiciliary account. Ask your bank which type fits other inflows.
Can a business receive dollars through a money transfer operator?
No, not in dollars. Money transfer operators pay Nigerian beneficiaries in naira only. Since 1 May 2026, payouts must run through designated naira settlement accounts. A law-firm summary says the rules cover business transfers too.
Can a business withdraw cash from an export proceeds account?
No. The 2026 FX Manual bars cash withdrawals from export proceeds accounts. The exporter can sell the dollars to a bank or move them to an ordinary domiciliary account.
How much cash deposited in a domiciliary account can be transferred?
US$10,000 a day, by transfer. The CBN lists this limit among its reforms since 2023. A law-firm summary reports the 2026 FX Manual keeps it.
For PSPs, fintechs and banks
If you collect dollars for Nigerian businesses, give each client a USD account in its own name. Read more on our work with PSPs and fintechs, or talk to our team.