Here you’ll find answers to the most common questions about sending US dollars to Nigeria.
What countries can I send USD to Nigeria from?
You can send money to a Nigerian Domiciliary bank account owned by individuals that is held in USD. Sending money to business recipients is not available.
You cannot send money from European Economic Area countries, so you will need to set-up a payment from any currency and country that does not belong in the EEA region. A full list of EEA countries available here: https://www.gov.uk/eu-eea
To whom can I send USD to Nigeria?
You can send money to a Nigerian Domiciliary bank account (individual or business) that is held in USD. A domiciliary account is a specific kind of bank account opened in Nigeria that allows you to receive and make payments in foreign currencies, including US dollars. For additional information about Nigerian Domiciliary accounts please visit: https://www.rewire.com/blog/2021/04/01/everything-you-need-to-know-about-domiciliary-accounts-in-nigeria/
Currently available banks are:
FCMBNGLA - FIRST CITY MONUMENT BANK LIMITED
UNAFNGLA181 - United Bank For Africa Plc
WEMANGLA - WEMA BANK PLC
ZEIBNGLA - ZENITH BANK PLC
FBNINGLA - FIRST BANK OF NIGERIA LTD
PRDTNGLA - POLARIS BANK
How can I open a Domiciliary Account in Nigeria?
Your bank will be able to help you with opening a Domiciliary account. These are generally the steps you are asked to go through:
Make copies of your important documents, which may include:
Passport size photo
Utility bill (not more than 3 months old)
Bio-data page of your passport
A reference form from your bank
A signature mandate card from your bank
Start an application for a USD domiciled account from your bank´s webpage. You will be requested to:
Upload your documents
Fill out your contact details
Fill out other details, as necessary
Wait for the bank to approve your application
How does it work?
You will need to set-up a payment from any currency and country that does not belong in the EEA region.
Pick the source currency and choose USD as the target currency
Pick SWIFT payment as transfer method, Nigeria as the target country and fill in all the required fields.
Pick the suitable Payment Purpose.
Review the details of your transfer, add a reference for the recipient and click “Confirm and continue”
Pick the suitable payment method to pay for your transfer and click “Continue to transfer”
What information do I need about my recipient?
To send funds to the Nigerian Domiciliary account you will need the following information:
How much can I send?
You can send from 1 USD up to 5000 USD per transfer.
How long does it usually take for the money to arrive?
Once Wise receives and converts your money, it usually arrives in your recipient’s bank account on the same working day. Conversion can take up to 2 working days.
We’ll always give you an estimate for how long your transfer will take when you set it up.
Can I send money to Nigeria in Naira?
No. Because of a change in regulation by the Central Bank of Nigeria, we’re no longer able to support transfers to NGN.
Can the recipient who receives money in a Domiciliary account withdraw this money as cash?
Yes, this depends on the set-up the beneficiary has with their bank.
Am I able to send money for a cash pick up by the recipient?
No. We are currently working on it to make this available. Please note recipients can pick up cash deposited into a Domiciliary Account.
Are you now licensed to operate in Nigeria?
We work with licensed IMTO partner in Nigeria and have approval from the Central Bank of Nigeria to offer remittance services into the country.
What is a SWIFT code and where can I find the bank I am sending to Swift Code
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID. To find the correct SWIFT code for the Nigerian banks, you can use this helpful page.