Sending business payments from the US to Nigeria
A US company pays a Nigerian exporter by SWIFT wire in US dollars to the 10-digit NUBAN of the supplier's domiciliary account, the foreign currency account at the bank where it registered the export on Form NXP. CBN rules require non-oil export proceeds in that account within 180 days of the bill of lading, so the account and the NXP reference matter. This guide covers the details to collect, the rules, timing, documents and fees.
- For goods, Nigerian export proceeds must be credited to the export proceeds domiciliary account at the bank where the Form NXP was established.
- The CBN Foreign Exchange Manual, Fourth Edition, implemented on 1 June 2026, requires non-oil proceeds within 180 days and oil and gas proceeds within 90 days of the bill of lading date, as reported by The Guardian Nigeria.
- The CBN stopped approving bank requests to extend the repatriation deadline in a circular dated 8 January 2025, as reported by ThisDay.
- A NUBAN is a 10-digit account number, a 9-digit serial number plus a check digit, and the domiciliary account has its own NUBAN separate from the naira account.
- The CBN Guide to Charges sets no charge for inward SWIFT transfers in foreign currency, but intermediary banks can still deduct fees unless the payment is sent with OUR charges.
Details to collect from your recipient in Nigeria
Every Nigerian bank account has a NUBAN, the Nigeria Uniform Bank Account Number, and a supplier's dollar domiciliary account has its own. Buyers often copy the naira account number by mistake, and the payment then fails or is returned while the supplier's NXP clock keeps running. Ask for the bank's full US dollar inbound instructions and copy them exactly.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The registered company name, exactly as on the account | A trading name or abbreviation causes queries |
| Account number | The 10-digit NUBAN of the USD domiciliary account | The naira NUBAN leads to failure or return |
| Bank name and SWIFT code | Full legal name and head office address; 8 or 11 characters | Routes the wire |
| Intermediary bank | The US correspondent, its SWIFT code and the Nigerian bank's account number with it | Left out, the payment routes slowly or is returned |
| Reference | Invoice number and, if the bank asks, the NXP number | Lets the bank match the receipt to the export |
Sources: CBN NUBAN standard (2010); field list reflects SWIFT payment practice, compiled by the Helm Editorial Team. As published on 29 October 2026.
The NUBAN check digit is calculated from the bank's 3-digit CBN code and the account serial number, so a single wrong digit usually fails validation before the payment leaves.
USD or naira: what the CBN rules require
Nigeria's export rules sit in the Central Bank of Nigeria (CBN) Foreign Exchange Manual. A commercial export of goods is registered on Form NXP at a bank, and the proceeds must land in the exporter's export proceeds domiciliary account at that bank within a deadline. A dollar wire to that account is the route the rules expect. The US dollar to naira page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Where proceeds go | The export proceeds domiciliary account at the bank where the NXP was established | Pay that account, not another one |
| Non-oil deadline | 180 days from the bill of lading date | Pay within the agreed term |
| Oil and gas deadline | 90 days from the bill of lading date | A shorter window |
| Extensions | Bank requests for extensions stopped on 8 January 2025 | A late payment cannot be fixed by an extension |
| Form NXP | Processing made free of charge under the 2026 Manual | No NXP fee is passed to you |
Sources: The Guardian Nigeria, 8 June 2026; ThisDay, 10 January 2025; Bam & Gad summary of the CBN Foreign Exchange Manual 2026. As published on 29 October 2026.
The bill of lading is the shipping document the carrier issues when it receives the goods, and its date starts the clock. The deadline is in calendar days, so holidays in either country still count. For the supplier's view, see how Nigerian exporters receive USD.
Rails and arrival times to Nigeria
A dollar wire settles in the United States on Fedwire, open from 9:00 p.m. ET the evening before to 7:00 p.m. ET each weekday, with customer transfers accepted until 6:45 p.m. ET, and does not operate on weekends or Federal Reserve holidays. Lagos is 5 hours ahead of New York in the US summer and 6 hours ahead in the US winter, so a payment sent at 2:00 p.m. in New York lands after most Nigerian banks have stopped processing for the day.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to the export proceeds domiciliary account | US dollars, matched to the NXP | Credited on the next Nigerian business day at the earliest | The standard route for goods |
| SWIFT wire in USD to an ordinary domiciliary account | US dollars | Credited on a Nigerian business day | For receipts not tied to an NXP |
| Letter of credit | US dollars against documents | On presentation of complying documents | Suits first or larger orders |
Sources: Federal Reserve Financial Services, Fedwire operating hours; CBN Foreign Exchange Manual 2026 as summarized by Bam & Gad. As published on 29 October 2026.
Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour. The time is spent at the banks on either side, so complete details and the NXP reference save more time than the choice of rail.
Documents, screening and why payments to Nigeria are held
The supplier registers each export on Form NXP with the proforma or commercial invoice and the sales contract, and after shipment gives its bank the bill of lading, final invoice and packing list. Your payment closes the file when it reaches the right domiciliary account with the right reference. Service exporters, such as software or consulting firms, agree with their bank which invoices and contracts record each receipt.
On the US side, sanctions screening applies to every payment: OFAC states that all US persons, including US-incorporated entities and their foreign branches, must comply with its sanctions, so check the payee and its bank against OFAC's lists (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Naira NUBAN used for a dollar payment | Fails or is returned; the NXP clock keeps running | Use the domiciliary account's NUBAN |
| Paid to a bank other than the NXP bank | The proceeds do not close the export | Ask which bank holds the NXP |
| Missing correspondent details | Routed slowly or returned | Copy the bank's USD inbound instructions |
| No invoice or NXP reference | Matching is delayed | Quote both |
| Wire sent as SHA | Arrives short of the invoice | Use OUR charges |
Sources: CBN NUBAN standard; CBN Foreign Exchange Manual 2026 as summarized; Helm Editorial Team. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Nigeria
The CBN Guide to Charges, effective 1 January 2020, sets no charge for inward SWIFT transfers in foreign currency and caps withdrawals from domiciliary accounts at 0.05% of the transaction value or $10, whichever is lower. A no-charge inward fee does not mean the full amount arrives: on SHA terms, the US correspondent and any intermediary can deduct fees before the payment reaches Nigeria. For account options, see USD business accounts in Nigeria.
From a Helm account you can send payments to suppliers abroad by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
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.
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USD, EUR and GBP accounts in your company's name, with a named account manager.
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How do I send a business payment from the US to Nigeria?
Send a SWIFT wire in US dollars to the 10-digit NUBAN of the supplier's export proceeds domiciliary account at the bank that holds its Form NXP, with the bank's SWIFT code, its US correspondent and the invoice and NXP references.
What is a NUBAN?
A NUBAN is the Nigeria Uniform Bank Account Number, a 10-digit account number made of a 9-digit serial number and a check digit. A domiciliary account has its own NUBAN, separate from the naira account.
How long does a Nigerian exporter have to receive payment?
The CBN Foreign Exchange Manual, Fourth Edition, requires non-oil export proceeds within 180 days and oil and gas proceeds within 90 days of the bill of lading date, as reported by The Guardian Nigeria.
Can the deadline be extended?
The CBN stopped approving bank requests to extend the repatriation deadline in a circular dated 8 January 2025, as reported by ThisDay. Pay within the agreed term.
Do Nigerian banks charge to receive a dollar wire?
The CBN Guide to Charges sets no charge for inward SWIFT transfers in foreign currency. Intermediary banks can still deduct fees on SHA wires, so send with OUR charges.
What does Helm charge to send money to 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
- 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)
- The Guardian Nigeria: CBN tightens FX rules, imposes N100m fine on banks (8 June 2026)
- ThisDay: CBN halts extension of export proceeds repatriation (circular of 8 January 2025)
- Bam & Gad Solicitors: Key regulatory update, the CBN Foreign Exchange Manual 2026
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
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.