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
You must file an FBAR (FinCEN Form 114) if you are a US person and the combined value of all your foreign financial accounts, including Nigerian savings, current and domiciliary accounts, exceeded $10,000 at any time during the calendar year. The IRS says it is due on 15 April with an automatic extension to 15 October, and is filed electronically through FinCEN's BSA E-Filing System, not with your tax return.
Who counts as a US person
The IRS defines a US person for FBAR purposes as a citizen or resident of the United States, or a domestic legal entity such as a partnership, corporation, LLC, estate or trust. For a Nigerian in the US, that usually includes:
- US citizens, including dual Nigerian and US citizens.
- Green card holders.
- People on visas who are US tax residents, for example under the substantial presence test.
- A US LLC you own that has a Nigerian business account.
You file if you have a financial interest in the account, or signature or other authority over it. That second limb catches many Nigerians: being a signatory on a parent's account, a church or association account, or a family business account in Nigeria can bring it into scope even if none of the money is yours.
The $10,000 test is an aggregate
The threshold is the combined value of all your foreign financial accounts at any time in the year, not the balance of each one. The IRS states it as the aggregate value of all foreign financial accounts exceeding $10,000 at any time during the calendar year. Once you cross it, every foreign account goes on the form, even small ones.
A worked example
Example only, with invented values in US dollars. Emeka has a naira savings account whose highest balance in the year was worth US$3,200, a domiciliary account that peaked at US$5,100, and a fixed deposit worth US$2,000. Added together, US$3,200 + US$5,100 + US$2,000 = US$10,300, which is above US$10,000. He must file, listing all three accounts.
For more examples with several accounts, see the FBAR aggregate test with several Nigerian accounts.
Which Nigerian accounts count
The IRS lists bank accounts, brokerage accounts, mutual funds, unit trusts and other financial accounts. It excludes individual retirement accounts and certain tax-qualified retirement plans, which are US concepts.
| Nigerian account | Usually reportable? |
|---|---|
| Naira savings or current account | Yes |
| Domiciliary (USD, GBP, EUR) account | Yes |
| Fixed or term deposit | Yes |
| Stockbroking account with a Nigerian broker | Yes |
| Mutual fund or unit trust held with a Nigerian manager | Usually |
| Joint account with a parent, or signatory on someone else's account | Yes, under financial interest or signature authority |
| Retirement savings account under the Nigerian pension scheme | Unclear; ask an adviser |
Deadline and how to file
- Work out each account's highest value during the calendar year, from statements, in the account's currency.
- Convert to dollars. The IRS says FBAR values are converted at the end-of-calendar-year exchange rate; the FBAR instructions say which published rate to use (the FBAR naira rate).
- Gather account details: account number, bank name and address, and account type.
- File online through FinCEN's BSA E-Filing System. Do not attach it to your tax return.
- Meet the date. Due 15 April, moving to the next business day if it falls on a weekend or holiday, with an automatic extension to 15 October that you do not need to request.
Keep records for five years from the due date, including the account name and number, the bank's name and address, the account type and the highest value during the year, according to the IRS.
Mistakes that come up often
- Using the year-end balance. The FBAR asks for the highest value during the year. A domiciliary account that held a large sum for a week in June and was emptied by December still shows the June figure.
- Leaving out small accounts. Once the aggregate passes $10,000, every foreign account is listed, including an old naira savings account with a few thousand naira.
- Forgetting accounts you only sign on. A parent's account, a family company or an association account where you are a mandate signatory can all count.
- Filing once and stopping. The test is annual. Each year you cross the threshold needs its own FBAR.
- Assuming tax already paid in Nigeria removes the duty. The FBAR is about the account, not the tax.
FBAR and Form 8938 are separate
The IRS also has Form 8938, which goes with your income tax return and has much higher thresholds for people living in the US: $50,000 at year end or $75,000 at any time for a single filer, according to the IRS comparison table reviewed in September 2026. Many people with Nigerian accounts file the FBAR but not Form 8938; some must file both. The differences are set out in Form 8938 compared with FBAR.
Where Pryme fits
Year-end statements make the highest-balance figure easier to find. Pryme customers can download a regular or verifiable statement for each currency balance (receipts and statements). Whether a particular balance counts as a foreign account depends on who holds it and where, so check with your adviser.
Questions people ask
Do I need to file FBAR for my Nigerian bank account?
If you are a US person and all your foreign accounts together exceeded $10,000 at any time in the year, yes. Each account then goes on the form.
When is the FBAR deadline?
15 April, with an automatic extension to 15 October, according to the IRS.
Do I file FBAR for my mother's account where I am a signatory?
Signature or other authority over a foreign account can make it reportable, even if the money is not yours.
Is FBAR filed with my tax return?
No. It is filed electronically with FinCEN through the BSA E-Filing System.
Sources
- IRS: Comparison of Form 8938 and FBAR requirements (reviewed 19 Sep 2026) · accessed Oct 2026
- IRS FS-2018-7: Report foreign bank and financial accounts each April (archival) · 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.