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
Nigerian banks receive foreign currency through accounts they hold with correspondent banks abroad, usually in New York for dollars and London for sterling and euros. They publish these details as inflow instructions, often a PDF or a letter from the branch. If you leave them off, your bank picks its own route, which can add intermediaries, deductions and delay, or leave funds unapplied.
A wire to a domiciliary account is really two journeys: from your bank to the Nigerian bank's account abroad, then from that account into your relative's dom account in Nigeria. The correspondent details describe the first journey's destination.
What correspondent details look like
Fidelity Bank's published SWIFT details for 2025 are a clear example of the format:
| Currency | Correspondent bank | What the sheet gives |
|---|---|---|
| USD | Citibank NA, New York (CITIUS33) | Fidelity's account number at Citibank |
| GBP | Citibank NA, London (CITIGB2L), sort code 18-50-08 | A GBP IBAN for Fidelity's account |
| EUR | Citibank NA, London (CITIGB2L) | A separate EUR IBAN |
| All | Beneficiary bank: Fidelity Bank Plc (FIDTNGLA) | Field 59: beneficiary name and account number |
Other banks follow the same pattern with their own correspondents. GTBank's inflow page lists what the sender needs: the beneficiary's account number and name as held on its system, the bank name and SWIFT code GTBINGLA, GTBank's account number with the correspondent bank, and the correspondent's name or SWIFT code. Its page refers to separate instructions for the actual figures.
Where to find them
- The bank's website: search for "SWIFT details", "inflow instructions" or "correspondent banks". Some publish a PDF, as Fidelity does.
- The account holder's branch or relationship manager, who can give a letter or email with the current details.
- The bank's customer service line or official email.
Third-party sites list SWIFT codes, but rarely correspondent account numbers, and their data can be old. Use the bank's own source for anything you will put on a payment.
How to enter them on a wire form
| Form field | What to enter |
|---|---|
| Intermediary / correspondent bank | The correspondent's name and SWIFT code for that currency |
| Account of beneficiary bank at intermediary | The Nigerian bank's account number or IBAN at the correspondent |
| Beneficiary bank | The Nigerian bank's name and SWIFT code |
| Beneficiary account | Your recipient's 10-digit domiciliary account number |
| Beneficiary name | Exactly as on the account |
| Payment details / reference | Purpose of payment, plus anything the bank asks for |
Forms differ; some banks only show an intermediary field for certain countries or in branch. AIB, for example, notes that intermediaries are chosen by AIB or nominated by the receiving bank, and its online form has no intermediary field.
Match the currency to the account
Correspondent details are given per currency, and they only work for that currency. Sending euros using the dollar correspondent, or pounds to a dollar domiciliary account, invites conversion at a rate you did not see, a delay while the bank decides what to do, or a return. If the recipient has dom accounts in more than one currency, confirm which account number belongs to which currency, and use the matching correspondent line from the bank's instructions.
Business and joint accounts
The same correspondent details apply whichever kind of domiciliary account you pay, but the beneficiary name must match the account title exactly. For a company, that is the registered name as the bank holds it, not a trading name. For a joint account, use the account title the bank gives; if in doubt, ask the account holders to send a screenshot of the account name from their app, or a letter from the bank. A school, hospital or law firm asking for a dollar payment will usually provide its own instructions on letterhead; check them with the institution by phone before paying.
What happens if they are left off
- Your bank chooses the route. The payment may pass through extra banks, each able to deduct a fee. See intermediary bank fees.
- Delay. If the payment arrives at a bank where the Nigerian bank does not hold that currency account, it has to be passed on again.
- Unapplied funds. Money that reaches the correspondent without a clear beneficiary can sit until someone traces it. See tracing with a UETR.
- Return. In the worst case the payment comes back, less charges. See returned transfers.
Many wires still arrive without correspondent details, because sending banks have their own routes to large correspondents. The details matter most for first payments, large amounts and time-sensitive ones. For the full sending steps, see sending dollars to a dom account, and the Nigeria library on domiciliary vs multicurrency accounts.
Where Pryme fits
A Pryme multicurrency account gives local account details for NGN, USD, GBP and EUR, so money can be received in each currency and held until you choose to convert with Swap. Outside Nigeria, these activities are carried out through regulated partners.
Questions people ask
What is a correspondent bank for a Nigerian dom account?
A bank abroad, often in New York or London, where the Nigerian bank holds a foreign currency account through which wires pass.
Where can I get GTBank or Zenith correspondent bank details?
From the bank's website, the account holder's branch, or customer service. Use the bank's own source, not a third-party list.
Do I need correspondent details to send dollars to Nigeria?
Not always, but using them reduces the risk of extra intermediaries, deductions and delay.
What happens if I use old correspondent details?
The payment may be delayed, routed through extra banks, left unapplied or returned. Confirm current details before paying.
Sources
- Fidelity Bank: Bank details for SWIFT transfers (2025 PDF) · accessed Oct 2026
- GTBank: Foreign currency inward transfer (FX inflow) · accessed Oct 2026
- AIB: International payments FAQs · accessed Oct 2026
- CBN Revised NUBAN Standards circular PSM/DIR/CON/CWO/05/030 (9 Mar 2020), via RegAlert · 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.