USD to NGN for business payments
A foreign business paying a Nigerian exporter should normally pay US dollars into the supplier's export proceeds domiciliary account, because Central Bank of Nigeria rules require goods export proceeds to land there within set periods. Converting to Nigerian naira (NGN) suits local costs; the supplier sells dollars for naira through its bank when it needs them.
- Under the CBN Foreign Exchange Manual, Fourth Edition, implemented on 1 June 2026, non-oil export proceeds must be credited to the exporter's domiciliary account within 180 days of the bill of lading date, and oil and gas proceeds within 90 days.
- Goods export proceeds must be credited to the export proceeds domiciliary account at the bank where the Form NXP was established, and the CBN stopped approving bank requests to extend the deadline in a circular dated 8 January 2025.
- A NUBAN, the Nigeria Uniform Bank Account Number, has 10 digits, and a supplier's dollar domiciliary account has its own NUBAN separate from its naira account.
- The CBN Guide to Charges sets no charge for inward SWIFT transfers in foreign currency and sets foreign currency bought from customers at the interbank foreign exchange bid rate.
- Foreign exchange is bought and sold through authorized dealer banks in the Nigerian Foreign Exchange Market (NFEM).
The Nigerian naira at a glance
The Nigerian naira (NGN) is issued by the Central Bank of Nigeria (CBN), which also sets Nigeria's foreign exchange rules in its Foreign Exchange Manual. The CBN implemented the Fourth Edition of the Manual on 1 June 2026, replacing the 2018 edition. Foreign exchange is bought and sold through authorized dealer banks, Nigerian banks licensed by the CBN to deal in foreign exchange, in the Nigerian Foreign Exchange Market (NFEM). The naira's rate against the dollar changes, so a naira invoice carries exchange rate risk for a dollar-based buyer.
| Item | Nigerian naira |
|---|---|
| Currency code | NGN |
| Issuer and regulator | Central Bank of Nigeria; Foreign Exchange Manual, Fourth Edition (1 June 2026) |
| Where FX is traded | Through authorized dealer banks in the NFEM |
| Non-oil export proceeds | Credited to the domiciliary account within 180 days of the bill of lading date |
| Oil and gas export proceeds | Within 90 days of the bill of lading date |
| Export registration | Form NXP, free of charge under the 2026 Manual |
| Account number | NUBAN, 10 digits; separate NUBAN for each currency account |
Sources: Bam & Gad, CBN Foreign Exchange Manual 2026; ThisDay, CBN circular of 8 January 2025; CBN, NUBAN standard. Checked on 29 October 2026.
Nigerian rules on export proceeds
Nigeria's rules shape where and when you should pay a Nigerian exporter.
- Form NXP first. Form NXP is the CBN form that records a commercial export, its value and its buyer before the goods leave Nigeria. The exporter registers it with an authorized dealer bank, and the 2026 Manual made its processing free of charge.
- The right account. Goods export proceeds must be credited to the export proceeds domiciliary account at the bank where the Form NXP was established. A domiciliary account is a foreign currency account at a Nigerian bank in the company's own name.
- The clock. The 2026 Manual requires non-oil export proceeds within 180 days and oil and gas proceeds within 90 days of the bill of lading date. A CBN circular dated 8 January 2025 stopped all approvals of extensions requested by banks, and the 2009 circular placed a fine on banks of 25% of the free on board (FOB) value where a bank failed to ensure repatriation.
- Dollars or naira afterwards. The exporter may use the dollars or sell them for naira through its bank in the official market.
An account outside Nigeria that collects your payment first does not replace the domiciliary account for goods registered on an NXP. Our Nigeria country guide covers the exporter's side in full.
How a payment reaches a Nigerian supplier
Every Nigerian bank account has a NUBAN, the Nigeria Uniform Bank Account Number that the CBN set for all deposit money banks. It has 10 digits: a 9-digit serial number followed by a check digit calculated from the bank's 3-digit CBN code and the serial number, so a single wrong digit usually fails validation. The CBN required NUBAN on all new accounts from 1 January 2011. A foreign buyer pays dollars by SWIFT, so the invoice must carry SWIFT details as well as the NUBAN.
| Detail | Correct | Common mistake |
|---|---|---|
| Account | The 10-digit NUBAN of the USD export proceeds domiciliary account | The naira account NUBAN |
| Bank | The authorized dealer bank that holds the Form NXP, with its SWIFT code | A different bank where the supplier also has an account |
| Reference | Invoice number and the Form NXP number | No reference, so the bank cannot match the payment to the export |
| Charges code | OUR, so the full amount arrives | SHA, leaving the export short after intermediary deductions |
Sources: CBN, NUBAN standard; Bam & Gad summary of the CBN Foreign Exchange Manual 2026. Checked on 29 October 2026.
Check the bank's code with our SWIFT code lookup.
What converting USD to NGN costs
The CBN regulates what Nigerian banks may charge in its Guide to Charges, effective 1 January 2020. It sets no charge for inward SWIFT transfers in foreign currency, so a dollar payment to a domiciliary account costs the supplier nothing to receive at the Nigerian end; intermediary banks can still deduct fees unless you send with OUR charges. When the supplier sells dollars to its bank, the Guide sets foreign currency bought from customers at the interbank foreign exchange bid rate. The same Guide sets outward SWIFT transfers at SWIFT cost recovery plus a 0.5% commission, plus offshore bank charges where applicable.
If you convert to naira yourself, the cost is the mid-market rate, the midpoint between buying and selling prices at that moment, plus your provider's margin, plus its fee.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay a Nigerian supplier in USD or NGN?
- Pay USD for goods exports, into the export proceeds domiciliary account at the NXP bank, within the 180-day or 90-day window. This is the route the CBN rules are written around.
- Pay NGN for local costs, such as a Nigerian agent, logistics or services invoiced in naira, through a provider that pays out locally.
- Do not pay an export to an account abroad or a third party unless the supplier's bank confirms how the funds will reach the domiciliary account in time.
Nigerian importers on the other side of the trade can read our guide to paying Chinese suppliers from Nigeria.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How long does a Nigerian exporter have to receive payment?
Under the CBN Foreign Exchange Manual implemented on 1 June 2026, non-oil export proceeds must reach the exporter's domiciliary account within 180 days of the bill of lading date, and oil and gas proceeds within 90 days.
Which account should I pay a Nigerian exporter?
The export proceeds domiciliary account at the bank where the Form NXP was established, using that account's own 10-digit NUBAN and the bank's SWIFT code.
What is a NUBAN?
NUBAN is the Nigeria Uniform Bank Account Number, a 10-digit account number made of a 9-digit serial number and a check digit. Each currency account has its own NUBAN.
Do Nigerian banks charge to receive a dollar wire?
The CBN Guide to Charges, effective 1 January 2020, sets no charge for inward SWIFT transfers in foreign currency. Intermediary banks can still deduct fees unless the sender pays on OUR terms.
Can the CBN extend the export proceeds deadline?
A CBN circular dated 8 January 2025 stopped all approvals of extensions requested by banks for their customers, for oil and non-oil exports alike.
What does Helm charge to pay a supplier in Nigeria?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Bam & Gad Solicitors: Key regulatory update, the CBN Foreign Exchange Manual 2026
- ThisDay: CBN halts extension of export proceeds repatriation (circular of 8 January 2025)
- Central Bank of Nigeria: Amendment of guidelines on repatriation of export proceeds for non-oil commercial exports (17 July 2009)
- Central Bank of Nigeria: Nigeria Uniform Bank Account Number (NUBAN) proposals and check digit algorithm
- Central Bank of Nigeria: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 January 2020)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.