Nigerian companies can use named NGN account details for local collections and payouts while adding USD and EUR routes for international business. This guide covers the available rails, account setup, onboarding documents, and Nigeria's virtual-asset framework.
International payment routes for Nigerian companies
An approved Nigerian company can collect and send NGN through local bank transfers, receive USD or EUR from overseas customers, and pay international suppliers. Invoices, transaction records, and supporting documents stay together for reconciliation and review.
Both NGN pay-in and payout use account details in the company's name. For cross-border customer and supplier payments, fiat transfers provide the clearest transaction record.
Supported payment rails
NGN local bank transfers support both pay-in and payout with account details in the company's name. USD is available through SWIFT.
| Currency | Direction | Corridor | USD vs Spread | Payment Fee | Sender account |
|---|---|---|---|---|---|
| USD | Pay-in | SWIFT (Global) | - | $25 | Account under your company name |
| USD | Payout | SWIFT (Global) | - | $25 | Account under your company name |
| NGN | Pay-in | Bank transfer | 0.5% | Free | Account under your company name |
| NGN | Payout | Bank transfer | 0.5% | Free | Account under your company name |
Documents to prepare
For onboarding, a Nigerian company should prepare:
- a Corporate Affairs Commission Certificate of Incorporation
- the current CAC E-Status Report or Certified Extract
- a Tax Identification Number and current tax registration record
- proof of address dated within the past 90 days
- a board resolution or Power of Attorney authorizing the application
HEVN may also request identity documents for directors and persons with significant control, an ownership chart, contracts and invoices, expected counterparties, and evidence of source of funds.
Stablecoins and regulation in Nigeria
Nigeria regulates digital-asset activity through the Securities and Exchange Commission's Rules on Issuance, Offering Platforms and Custody of Digital Assets. The Central Bank's 2023 VASP account guidelines allow banks to maintain accounts for compliant virtual-asset service providers, while banks remain prohibited from holding or trading virtual currencies on their own account.
Nigerian companies may use supported stablecoins through approved providers, subject to SEC, CBN, provider, and tax requirements. For ordinary customer and supplier payments, NGN or international fiat transfers are usually simpler and create bank records that are easier to reconcile.
Benefits of a Fiat Account for a Nigerian company
- Receive payments from US customers through ACH or domestic wire.
- Use account details in your company's name for both NGN and USD payments.
- Keep USD to pay US suppliers, contractors, software vendors, and other operating costs.
- Move funds between the named NGN account and the Fiat Account when another currency or payment rail is needed.
- Keep invoices, payment records, confirmations, exports, roles, and approvals in one workspace.
We'll confirm available accounts, payment rails, limits, pricing, and expected account-opening time during onboarding.
