USD business account in Nigeria
A Nigerian business can hold US dollars in a domiciliary account at a Nigerian bank, in a USD account with a foreign provider that accepts Nigerian companies, or through a US company with its own account. The domiciliary account is the only route the CBN rules are written around, and since 1 June 2026 those rules come from the Fourth Edition of the CBN Foreign Exchange Manual. This guide compares the options, the rules, documents and the legal position of stablecoins.
- A domiciliary account is a foreign currency account at a Nigerian bank in the company's own name, and it is the account the CBN rules on receiving and paying USD are written around.
- The CBN Foreign Exchange Manual, Fourth Edition, took effect on 1 June 2026 and, as reported, makes Form A optional for eligible remittances from ordinary domiciliary accounts.
- Export proceeds for goods registered on Form NXP must be credited to the export proceeds domiciliary account at the NXP bank within 180 days for non-oil exports and 90 days for oil and gas.
- Wise lists Nigeria among addresses that cannot get USD account details, Airwallex does not list Nigeria as a supported registration location, and WorldFirst states that its Africa offering is available in Nigeria.
- The Investments and Securities Act 2025 brings virtual and digital assets within the definition of securities, and the SEC's proposed rules require SEC recognition before a foreign-issued stablecoin is used on a regulated Nigerian platform.
- A USD account abroad in the company's own name can receive ACH and wires from US payers, but it does not replace the export proceeds domiciliary account for goods on Form NXP.
USD business account options in Nigeria: the short answer
A Nigerian business can hold and receive US dollars in three main ways: a domiciliary account at a Nigerian bank, a USD account with a provider outside Nigeria that accepts Nigerian companies, or a US company with its own US account. A domiciliary account is a foreign currency account, usually in US dollars, pounds or euros, held at a Nigerian bank in the company's own name. It is the only option that every Nigerian bank offers and the one the Central Bank of Nigeria (CBN) rules are written around.
Each route answers a different need. Importers want dollars ready to pay suppliers abroad. Exporters need an account that satisfies the CBN rules on export proceeds. Agencies, software firms and other service businesses want US clients to pay them as easily as they pay a US vendor. Trading companies often need all three.
The CBN's Foreign Exchange Manual, Fourth Edition, took effect on 1 June 2026 and changed how domiciliary accounts work. This guide covers those rules, which foreign providers say they accept Nigerian businesses, the US company route, documents, the legal position of stablecoins such as USDC and USDT, and where a Helm USD account in the company's own name fits.
The options compared
The table compares the option types. It is not a ranking: most Nigerian trading companies use a domiciliary account plus one other route.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| Ordinary domiciliary account | Company's own name, Nigerian bank | International wire (SWIFT) through the bank's US correspondent | CBN Foreign Exchange Manual; cash deposits up to $10,000 a day; Form A not needed for eligible remittances |
| Export proceeds domiciliary account | Company's own name, the bank where Form NXP was registered | SWIFT wire quoting the invoice and NXP | Proceeds within 180 days (non-oil) or 90 days (oil and gas) of the bill of lading; no cash withdrawals |
| USD account with a foreign provider | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Provider's country list decides eligibility; CBN rules still apply to export proceeds |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | SEC registration regime for operators; not a deposit |
Sources: CBN Foreign Exchange Manual (Fourth Edition) as reported by Business Post and The Nigeria Lawyer; Securities and Exchange Commission (SEC) Nigeria proposed digital asset rules. As published on 29 October 2026.
How to choose: start from where the dollars come from and where they go. An exporter of goods needs the export proceeds domiciliary account whatever else it uses, because the CBN ties each Form NXP to it. An importer that buys dollars in the official market needs Form M and an authorized dealer bank for that purchase, but can pay suppliers from dollars it already holds. A service business paid by US clients gains most from US account details, because a US client can then pay by ACH instead of an international wire. A company that plans its own US sales team or US contracts may justify a US company. Most businesses end up with two accounts: a domiciliary account for the CBN-regulated flows and one USD account abroad for collections and supplier payments.
ACH is the low-cost US domestic bank transfer system that US companies use for routine supplier payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments. SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code.
CBN rules on domiciliary accounts in 2026
Nigeria's foreign exchange rules sit in the CBN Foreign Exchange Manual. The Fourth Edition took effect on 1 June 2026, as reported by Business Post, which links to the Manual on the CBN website. It treats the two kinds of domiciliary account differently.
Ordinary domiciliary accounts
As summarized by The Nigeria Lawyer, holders are entitled to unrestricted access to their funds for eligible transactions. Form A, the CBN form used to apply for foreign exchange for payments such as services and school fees, is no longer mandatory for remittances funded from these accounts. Cash deposits may be used for telegraphic transfers up to $10,000 a day or its equivalent. Banks must classify the purpose of each transaction under the CBN's foreign exchange codes and report it.
Export proceeds domiciliary accounts
Access is tied to documents for each transaction, and cash withdrawals are no longer permitted. Third-party transfers need a stated purpose. Exporters may move funds to an ordinary domiciliary account at another bank to fund eligible transactions, and may sell proceeds to any authorized dealer bank. An authorized dealer bank is a Nigerian bank licensed by the CBN to deal in foreign exchange.
| Activity | Rule under the 2026 Manual (as reported) |
|---|---|
| Receiving export proceeds for goods | Credited to the export proceeds domiciliary account at the bank where Form NXP was registered |
| Deadline for export proceeds | 180 days (non-oil) or 90 days (oil and gas) from the bill of lading date |
| Form NXP | Required for all exporters, regardless of value |
| Paying abroad from an ordinary domiciliary account | Form A not mandatory for eligible remittances |
| Cash into an ordinary domiciliary account | Up to $10,000 a day or equivalent, for telegraphic transfers |
| Cash out of an export proceeds account | Not permitted |
| Advance payment for imports | Capped at 30% of the transaction value |
| Selling dollars for naira | Through an authorized dealer bank in the Nigerian Foreign Exchange Market (NFEM) |
Sources: Business Post and The Nigeria Lawyer reports of the CBN Foreign Exchange Manual, Fourth Edition (effective 1 June 2026). As published on 29 October 2026. Confirm current rules with your bank.
Form NXP is the CBN form that registers a commercial export with a bank before shipment. Form M is the equivalent form for imports, and the Manual requires every import to be backed by a valid Form M. For an exporter's full step-by-step process, see our guide on how Nigerian exporters receive USD.
Foreign USD account providers and Nigeria
Many Nigerian businesses look first at an online USD account from a provider outside Nigeria. Eligibility is set by each provider, and several well-known names do not accept Nigerian companies. The table records what each provider states on its own pages.
| Provider | What its own pages state for Nigeria |
|---|---|
| Wise | Nigeria is on the list of addresses that cannot get USD account details, for business and personal profiles |
| Airwallex | Nigeria is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Before you apply, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, how dollars return to Nigeria when you need them there, for example to meet an NXP deadline. A foreign account does not replace the export proceeds domiciliary account for goods registered on Form NXP.
Provider pages used: Wise on USD account details, Airwallex eligible countries, WorldFirst Africa and Mercury eligibility.
The US company route
Some Nigerian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory and to have existing or planned US operations, and states that founders do not need to be US citizens or residents. Mercury also publishes a list of countries where founders cannot be supported, so check it before you form the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no principal place of business in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The trade-off is structure. The US company is a separate legal entity with its own tax filings, and money it earns belongs to it, not to the Nigerian company. Goods exported from Nigeria remain subject to the CBN export proceeds rules whichever entity invoices the buyer. Take Nigerian and US tax advice before choosing this route.
Documents you need
Banks and providers ask for broadly the same company file. The list below is a typical checklist; each bank sets its own.
| Document | Domiciliary account at a Nigerian bank | USD account with a foreign provider |
|---|---|---|
| Certificate of incorporation and status report from the Corporate Affairs Commission (CAC) | Yes | Yes |
| Memorandum and articles of association | Yes | Usually |
| Board resolution to open the account and name signatories | Yes | Usually |
| Identity documents of directors and signatories | Yes, with each person's Bank Verification Number (BVN) | Yes, passport or national ID |
| Details of owners of 25% or more | Yes | Yes, under US and provider rules |
| Tax Identification Number (TIN) | Yes | Often |
| Proof of business address | Yes | Yes |
| Description of trade, counterparties and expected volumes | Sometimes | Yes |
| Contracts or invoices for the first payments | For export proceeds, Form NXP and invoices | Often, for the first large payments |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
The BVN is the Bank Verification Number, the identity number every Nigerian bank customer receives. Prepare certified copies and keep the same company name on every document. A trading name on one form and the registered name on another is a common cause of delay.
Stablecoins in Nigeria: USDC and USDT
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar. USDC and USDT are the two most widely used dollar stablecoins. Three Nigerian sources set their position.
- The Investments and Securities Act 2025. The Act brings virtual and digital assets within the definition of securities in section 357 and empowers the SEC to register and regulate digital asset exchanges and virtual asset service providers.
- SEC proposed rules. The SEC has published proposed Rules on Digital and Virtual Assets Operations, Custody and Markets. They define a stablecoin as a digital asset designed to maintain a stable value relative to a specified asset, currency or basket of assets. They state that a foreign-issued stablecoin shall not be listed, traded, held in custody or settled by a regulated platform in Nigeria unless recognized or authorized by the SEC, and that SEC recognition is not approval for payments, remittance, foreign exchange dealing or banking, which remain matters for the CBN.
- CBN guidelines for banks. The CBN's guidelines of 22 December 2023 let banks open designated accounts for virtual asset service providers licensed by the SEC, while banks remain prohibited from holding, trading or transacting in virtual assets on their own account.
| Question | What the primary source says |
|---|---|
| Are stablecoins regulated? | Yes, as digital assets under the SEC's regime; the SEC rules for stablecoins are published as proposed rules |
| Can USDT or USDC be used on Nigerian platforms? | Under the proposed rules, only if the SEC recognizes or authorizes the foreign-issued stablecoin |
| Are they legal tender? | No. The naira remains legal tender for domestic transactions |
| Can Nigerian banks trade them? | No, banks may not hold or trade virtual assets on their own account |
Sources: SEC Nigeria proposed Rules on Digital and Virtual Assets Operations, Custody and Markets; PwC summary of the CBN Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (22 December 2023); CryptoSlate summary of the Investments and Securities Act 2025. As published on 29 October 2026.
A Nigerian company that is paid in USDC or USDT by a buyer abroad should treat the receipt like any other foreign currency receipt: document the underlying sale, and take advice before routing proceeds for goods registered on Form NXP through a stablecoin.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a Nigerian business, it fits beside the domiciliary account, not instead of it:
- Service businesses can give US clients domestic US payment details, so a client pays by ACH as it would pay a US vendor.
- Importers can hold dollars and send 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 sending. Our guide on paying Chinese suppliers from Nigeria covers the Form M side.
- Companies paid in stablecoins can receive USDC and USDT and convert them to USD inside the account.
- Exporters must still bring proceeds for goods on Form NXP to the export proceeds domiciliary account at the NXP bank within the CBN window.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. 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.
Freelancers and sole traders
Nigerian freelancers and sole traders have the same three options on a smaller scale. Individuals can open a domiciliary account at a Nigerian bank with a national ID, their BVN and proof of address. Under the 2026 Manual, as reported, cash deposits into ordinary domiciliary accounts for transfers are limited to $10,000 a day.
Online providers are the other common route for freelancers paid by platforms and US clients. Check eligibility on the provider's own page: Wise, for example, lists Nigeria among addresses that cannot get USD account details on personal profiles. A freelancer who grows into an agency should open a domiciliary account in the company's name once the business is incorporated, so client payments and personal funds stay separate.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Nigerian company open a USD account?
Yes. Every Nigerian bank offers domiciliary accounts, which are foreign currency accounts in US dollars and other currencies held in the company's own name. A company can also apply to a foreign provider that accepts Nigerian businesses, or form a US company with its own US account.
What is a domiciliary account for business in Nigeria?
It is a foreign currency account at a Nigerian bank, usually in US dollars, pounds or euros. Companies use an ordinary domiciliary account for general foreign currency and an export proceeds domiciliary account for proceeds of goods registered on Form NXP.
Do I need Form A to pay from a domiciliary account?
Under the CBN Foreign Exchange Manual, Fourth Edition, effective 1 June 2026, Form A is not mandatory for eligible remittances funded from an ordinary domiciliary account, as reported by The Nigeria Lawyer and Business Post. Form A still applies where foreign exchange is bought in the official market.
How much cash can I deposit into a domiciliary account?
As reported from the 2026 Manual, cash deposits into ordinary domiciliary accounts for telegraphic transfers are limited to $10,000 a day or its equivalent. Cash withdrawals from export proceeds domiciliary accounts are not permitted.
Can a Nigerian business open a Wise USD account?
Wise's help page lists Nigeria among addresses that cannot get USD account details, for both business and personal profiles. Check the page directly, because providers update their lists.
Can a Nigerian business use a foreign USD account for export proceeds?
A company can collect dollars abroad, but proceeds for goods registered on Form NXP must still reach the export proceeds domiciliary account at the NXP bank within the CBN deadline. That is 180 days from the bill of lading date for non-oil exports and 90 days for oil and gas.
Is USDT legal in Nigeria?
The Investments and Securities Act 2025 treats virtual and digital assets as securities under SEC oversight. The SEC's proposed rules state that a foreign-issued stablecoin such as USDT may not be used on a regulated Nigerian platform unless the SEC recognizes or authorizes it, and SEC recognition does not cover payments or foreign exchange dealing, which are for the CBN.
Can a Nigerian get a US EIN for a US company?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, and state that only international applicants can receive an EIN by telephone. Applicants can also fax Form SS-4 to 304-707-9471 from outside the US.
How do I convert USD to naira as a business?
Sell the dollars to an authorized dealer bank in the Nigerian Foreign Exchange Market. Exporters may sell export proceeds to any authorized dealer bank under the 2026 Manual. Ask for the rate before you confirm the sale.
References
- Business Post: CBN scraps Form A for domiciliary account remittances (Foreign Exchange Manual, Fourth Edition, effective 1 June 2026)
- The Nigeria Lawyer: CBN grants domiciliary account holders unrestricted access to dollar balances, tightens rules on export proceeds
- Securities and Exchange Commission Nigeria: Proposed Rules on Digital and Virtual Assets Operations, Custody and Markets
- PwC Nigeria: CBN Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers
- CryptoSlate: Nigeria Investments and Securities Act 2025, virtual and digital assets
- Wise: Can I get USD account details?
- Mercury: Eligibility and requirements for opening a Mercury account
- Internal Revenue Service: Instructions for Form SS-4
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.