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The short answer
A US dollar wire to Nigeria usually uses both systems: the dollars settle inside the US, often over Fedwire or by book transfer, into the account the Nigerian bank holds at a US correspondent such as Citibank New York, and a SWIFT message tells the Nigerian bank to credit the receiver. Delays sit at each hand-off: your bank's checks, the correspondent's screening, and the Nigerian bank's processing.
Two systems, two jobs
- Fedwire Funds Service
- Run by the Federal Reserve Banks. The Federal Reserve describes it as an electronic funds-transfer service for same-day transactions, with payment finality in banks' Federal Reserve master accounts. It moves dollars between US banks; it does not reach Nigerian banks directly.
- SWIFT
- The messaging network banks use to send payment instructions across borders. Each payment carries a UETR, a 36-character reference that every bank in the chain must pass on, so any of them can locate the payment, Swift says.
So "Fedwire or SWIFT" is the wrong choice: for a dollar wire to Nigeria, the money moves through US dollar accounts, and SWIFT carries the instructions.
The route, step by step
- Your bank checks your instruction, your limit and its own risk screening, then debits your account.
- Your bank's correspondent, if needed. A smaller US bank or credit union may route through a larger bank. This is a US dollar movement, often over Fedwire or as a book transfer at the same bank.
- The Nigerian bank's US correspondent. Nigerian banks hold US dollar accounts at large US banks. Fidelity Bank's 2025 SWIFT sheet, for example, names Citibank N.A. New York (CITIUS33). The dollars land in Fidelity's account there.
- The SWIFT message tells the Nigerian bank that the money has arrived and whom to credit, with the beneficiary name and account number in field 59, as Fidelity's sheet shows.
- The Nigerian bank checks the name and account, runs its own compliance checks and credits the receiver's account.
Our guide to intermediary banks explains when you must name the correspondent yourself.
Where delays happen
| Stage | Typical cause of delay | What you can do |
|---|---|---|
| Your bank | Cut-off time missed, limit reached, security call | Send before the cut-off; Bank of America, for example, uses 5 p.m. Eastern |
| US correspondent | Sanctions or name screening, missing beneficiary address | Give a full name and address |
| SWIFT leg | Rarely the cause; messages move fast | Ask for the UETR so the payment can be traced |
| Nigerian bank | Name or account mismatch, wrong currency account, holiday, compliance query | Check the details in writing; tell the receiver to expect it |
Speed varies widely. Swift reported in 2020 that 92% of its gpi cross-border payments were credited within 24 hours, but that is a global figure across many routes. US banks quote 1 to 5 business days for international wires on the pages we read, including Bank of America.
Worked example of a journey
Example only, with assumed timings. On a Tuesday at 2 p.m. Eastern, Zainab sends $1,200 from a small credit union in Maryland to her father's Fidelity dollar account in Kano. The credit union has no direct link to Citibank, so it passes the dollars to its own correspondent bank that afternoon. That bank moves them to Fidelity's account at Citibank N.A. New York, and a SWIFT message goes to Fidelity in Lagos. It is already evening in Nigeria, so Fidelity processes it on Wednesday morning, its compliance team clears it, and her father sees the credit around midday Wednesday. Had she sent it on a Friday afternoon, the Nigerian leg would have waited until Monday.
Two practical points follow. First, the more banks in the chain, the more chances for a check or a deduction; a big bank with its own correspondent relationships may route more directly than a small one. Second, the time difference matters: Nigeria is ahead of US Eastern time, so a US afternoon wire usually reaches a Nigerian bank after its working day.
Where fees come off
- Sending fee at your bank, shown before you send.
- Correspondent deductions along the dollar leg, depending on the charge option. Barclays describes the three options banks use: OUR (sender pays all charges), SHA (sender pays the sending bank; the receiver bears the others) and BEN (all charges deducted from the amount).
- Receiving charge at the Nigerian bank, if its tariff has one.
For why the money sometimes arrives light, see who took the fee on a short wire.
Tracing a wire that has not arrived
- Ask your bank for the confirmation of the outgoing wire, including the UETR and the date it left.
- Give the receiver the amount, date and reference so their bank can search for it.
- If it still has not arrived after the date on your receipt, report it to your bank. The CFPB says you have 180 days from the disclosed availability date to report an error and the provider generally has 90 days to investigate.
A change on the horizon: the Federal Reserve's Fedwire page says the release that had been planned for November 2026 has been rescheduled to November 2027, as announced on 27 August 2026. Nothing about it changes what you enter on a wire to Nigeria today. For a Nigeria-side comparison of SWIFT and local transfers, see SWIFT vs local payment rails.
Where Pryme fits
For money that will be spent in naira, a Pryme account lets you hold dollars and pay a Nigerian account through Send once you convert with Swap; the rate and fee are shown before you approve.
Questions people ask
Does a US wire to Nigeria go by Fedwire or SWIFT?
Usually both: the dollars move between US accounts, often over Fedwire or by book transfer, and SWIFT carries the instruction to the Nigerian bank.
What is a correspondent bank for Nigeria?
A US bank where the Nigerian bank holds dollars. Fidelity's 2025 sheet names Citibank N.A. New York (CITIUS33).
How long does a SWIFT wire to Nigeria take?
US banks typically quote 1 to 5 business days. Cut-off times, holidays and checks at each bank decide the actual time.
What is a UETR?
A 36-character reference carried by every SWIFT payment that lets any bank in the chain locate it. Ask your bank for it if a wire is late.
Sources
- Federal Reserve Financial Services: Fedwire Funds Service · accessed Oct 2026
- Swift: What is a UETR? · accessed Oct 2026
- Fidelity Bank Plc: Details for SWIFT transfers 2025 · accessed Oct 2026
- Swift: Swift gpi driving a payments revolution (7 Oct 2020) · accessed Oct 2026
- Barclays: International payments (OUR, SHA and BEN charge options) · accessed Oct 2026
- Bank of America: Wire transfers in Online Banking and the Mobile app · 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.