Paying and receiving Nigerian naira as a business

Naira transfers inside Nigeria are instant. Getting dollars into naira, and paying Nigerian contractors from abroad, is where the cost sits. Here is how it works.

William Sunjo M.Operations and compliance editor

Published: 19 October 2026
Reading time: 1 min read

Nigeria has one of the deepest pools of design, engineering and media-buying talent in the world, and a fast domestic payment system. The friction is at the border: turning dollars into naira, and paying Nigerian contractors from abroad at a fair rate.

How Nigerian account details work

Field	Format
Bank	Chosen from a list, such as GTBank, Access, Zenith
NUBAN	10 digits
Account name	Returned by the bank when the NUBAN is entered

Most Nigerian payment screens show the account name as soon as the NUBAN and bank are entered, which helps catch typos before sending.

The rails

Rail	Run by	Used for
NIP (NIBSS Instant Payment)	NIBSS	Instant naira transfers, 24/7
NEFT	NIBSS	Batch transfers
RTGS	Central Bank of Nigeria	Large-value payments between banks
International wires	Swift	USD and other currencies into domiciliary accounts

The FX side

The Central Bank of Nigeria sets the rules for foreign exchange. In 2023 and 2024 it moved to a more market-determined naira rate, and in 2026 it issued the fourth edition of its Foreign Exchange Manual. Rules on inflows, domiciliary accounts and documentation change, so check current CBN guidance through your bank.

Paying Nigerian contractors from abroad

Option	Contractor receives	Watch for
USD to a domiciliary account	Dollars, by international wire	SWIFT and receiving fees; slower
Naira payout to a local account	Naira, by local transfer	The conversion rate you get
Stablecoin	USDT or USDC	Local rules; the contractor's off-ramp cost

Ask each contractor which they prefer, and record the amount in USD on the day you pay. The domiciliary account guide explains the USD route, and the international contractors guide covers the paperwork.

NGN on Rivet

Rivet lets a company pay Nigerian accounts in naira from its USD balance, with the rate and fee shown before you confirm. On Scale, a company can also hold and convert NGN beside its other balances. See Payouts and Pricing.

Questions people ask

What is a NUBAN?

The Nigeria Uniform Bank Account Number: a 10-digit account number used by every Nigerian bank, introduced by the Central Bank of Nigeria. A payer needs the NUBAN, the bank and the account name.

What is NIP?

NIBSS Instant Payment, run by the Nigeria Inter-Bank Settlement System. It is the main rail for instant naira transfers between banks and other financial institutions, and settles in seconds.

Should I pay a Nigerian contractor in naira or dollars?

Ask them. Some prefer USD into a domiciliary account to hold dollars; others prefer naira for day-to-day spending. A naira payout from your USD balance converts once, at a rate you can see, and arrives quickly.

Can a foreign company receive naira?

A company registered outside Nigeria rarely needs to receive naira. Companies with Nigerian clients usually invoice in USD. Companies with a Nigerian subsidiary hold naira through that subsidiary's local bank.

Sources

Written by

William Sunjo M.

Operations and compliance editor

William covers what happens once a company starts moving money: getting the business verified, paying contractors and suppliers abroad, and keeping card spend under control. William writes for the founder or finance lead who has to make it work this week, and links every rule cited to the text it comes from.