AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A business domiciliary account is a foreign-currency account, usually in US dollars, pounds or euros, held by a Nigerian company at a bank. Exporters need an export domiciliary account at the bank where their Form NXP is registered, while other businesses use ordinary dom accounts for foreign income. Under the CBN's 2026 manual, holders of self-funded domiciliary accounts no longer need Form A for outward remittances.
What a domiciliary account is
A domiciliary account, often called a dom account, lets a business keep money in a foreign currency at a Nigerian bank instead of converting it to naira. Most banks offer them in US dollars, pounds sterling and euros. A business might use one to receive payment from foreign clients, to hold dollars for the next supplier payment, or to receive export proceeds.
For the personal version, see saving in dollars in Nigeria. This guide covers business accounts.
Types of business dom account
| Account | What it is for | Key rule |
|---|---|---|
| Export domiciliary account | Receiving proceeds from goods exports | Proceeds must be credited at the bank where the Form NXP was established |
| Ordinary corporate dom account | Foreign income such as services fees, and holding foreign currency | Self-funded accounts no longer need Form A for outward remittances under the 2026 manual |
"Self-funded" generally means the money came into the account from your own foreign sources, such as a client paying from abroad, rather than being bought from the official market for a specific import. Ask your bank how it classifies your balance.
What the 2026 Foreign Exchange Manual changed
The CBN's 4th edition Foreign Exchange Manual took effect on 1 June 2026. Commentary on it highlights these points for dom account holders:
- Holders of self-funded domiciliary accounts no longer need Form A to make outward remittances.
- Direct transfers of up to US$10,000 a day are permitted without exhaustive trade documentation.
- Export proceeds must go into the export domiciliary account at the Form NXP bank, within 90 days of the bill of lading date for non-oil exports.
- Banks face heavy penalties for processing foreign exchange without adequate documents, so expect them to ask what larger payments are for.
For background on Form A itself, see Form A and Form M in Nigeria.
What a dom account should not be used for
A CBN circular of April 2015 advised banks not to use domiciliary accounts for payments that start and finish in Nigeria, and warned against pricing domestic goods and services in foreign currency. In practice, that means a dom account is for international money: income from abroad and payments abroad. Paying a Lagos landlord or supplier in dollars from your dom account cuts against that guidance. See can a Nigerian business price in dollars.
Opening one and running it well
What banks usually ask for
- CAC registration documents and particulars of directors.
- Your TIN.
- Board resolution or mandate naming who can operate the account.
- Identification for signatories.
- An existing naira account with the bank, in many cases.
Good habits
- Give clients the full receiving details, including SWIFT and any intermediary bank, and check the first payment arrives intact.
- Keep contracts and invoices for every inflow so you can explain where money came from.
- Record which balances are self-funded and which relate to Form M or NXP transactions.
- Track charges on incoming international transfers; they can take a share of small payments.
It also helps to decide who in the business may move foreign currency. Dom accounts often hold the most valuable balances a small firm has, and a single signatory acting on an email instruction is an easy target for fraud. Set a mandate that needs two signatories above an amount you choose, and confirm any change to a foreign payee's details by phone on a number you already hold. See supplier bank details fraud for the checks.
Finally, think about how much to keep in the account at all. A dom account is a tool, not a savings plan. Hold what you need for known foreign payments and convert the rest on a schedule; our guide on whether to hold dollars or convert sets out a simple policy.
A worked example
Example only. A Port Harcourt engineering consultancy earns US$8,000 a month from an oil services client abroad and also exports a small volume of fabricated parts.
- Consulting fees go into its ordinary corporate dom account. When it pays a US$3,000 annual software licence to a vendor abroad, it uses these self-funded dollars.
- Payment for a parts shipment worth US$15,000 is directed to its export domiciliary account at the bank where it registered the Form NXP.
- When it needs naira for salaries, it converts part of the consulting balance. At an example rate of ₦1,500 per dollar, US$5,000 gives ₦7,500,000 before charges.
Where Pryme fits
A Pryme Business Account holds NGN, USD, GBP and EUR in one account, with local account details for each currency, so clients in the US, UK and Europe can pay you as they would a local supplier. Money stays in the currency it arrived in until you convert with Swap, which shows the rate first and the fee on its own line. Pryme is a technology company, not a bank, and it does not process Form NXP; export proceeds still go through your authorised dealer bank.
Questions people ask
Can a business open a domiciliary account in Nigeria?
Yes. Nigerian banks offer corporate domiciliary accounts, usually in USD, GBP and EUR, for registered businesses.
Do I need Form A to send money from my business dom account?
Under the CBN's 2026 manual, holders of self-funded domiciliary accounts no longer need Form A for outward remittances. Ask your bank how it applies to your balance.
What is an export domiciliary account?
The account at your Form NXP bank into which goods export proceeds must be paid.
Can I pay local suppliers from my dom account?
A 2015 CBN circular advised banks not to use dom accounts for payments that start and finish in Nigeria. Pay local suppliers in naira.
Sources
- Key regulatory update in Nigeria: the CBN Foreign Exchange Manual 2026 (Mondaq) · accessed Oct 2026
- The legality of charging for services in foreign currency in Nigeria (Mondaq) · accessed Oct 2026
- CBN Foreign Exchange Manual, 4th Edition (2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.