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 sell FX to a business only against the documents for the underlying transaction: for imported goods, a registered Form M with a proforma invoice and insurance certificate; for services and other "invisibles", a Form A with the agreement, invoice and evidence of tax paid (and NOTAP approval for technical or management fees). The CBN Foreign Exchange Manual 2026 removed Form A for outward transfers from a business's own self-funded domiciliary account up to $10,000 a day.
If your Nigerian company needs dollars, pounds or euros to pay a supplier, a software vendor or a parent company abroad, the bank will ask what the money is for and want paper to prove it. The rules sit in the CBN Foreign Exchange Manual, whose 2026 edition took effect on 1 June 2026, according to Pavestones Legal's note on Mondaq. Getting the documents right first time saves weeks.
Imports of goods: Form M
Sterling Bank's Form M FAQ describes Form M as "a declaration of intention to import physical goods into Nigeria", mandatory regardless of value. It is completed electronically on the trade single window portal, after the importer has a validated Tax ID, then validated by the bank and registered by the Nigeria Customs Service. The bank says the supplier should ship only after Customs registers the Form M.
- Proforma invoice from the supplier, valid for a maximum of 90 days from issue.
- Electronic insurance certificate covering 110% of the invoice value.
- Product-specific permits where relevant, such as a SON product certificate or a NAFDAC certificate for food, chemicals and medicines.
- The payment mode chosen: letter of credit, bills for collection or advance payment.
Form M is marked "Valid for FX" if you will buy FX from the official market, or "Not Valid for FX" if you will pay from your own foreign-currency funds. WTS Blackwoodstone's note on the 2026 manual says the maximum down payment on imports was raised from 15% to 30% of the FOB value. The Nigeria library's import documents checklist covers PAAR and clearing; overseas sellers can read Form M explained for the seller.
Services and other invisibles: Form A
Payments for services, fees, royalties and similar items are "invisibles", declared on Form A. The CBN moved Form A onto its electronic Trade Monitoring System in November 2021, with a ₦5,000 fee per declaration, TheCable reported at the time (check the current fee with your bank). The supporting documents depend on the payment. Stanbic IBTC's list of approved documents includes:
| Payment | Documents (per Stanbic IBTC) |
|---|---|
| Consultancy or technical services | Form A, NOTAP-approved agreement, invoice, evidence services were performed, certificate of satisfactory completion, evidence of tax paid on the amount, NOTAP confirmations |
| Management services | As above, with a NOTAP-registered management agreement |
| Contract service fees | Form A, service agreement, confirmation of the fee, invoice, evidence of tax paid |
| Licence fees | NOTAP-approved licence agreement and audited accounts |
NOTAP registration is the step businesses most often miss; see NOTAP registration for fees to a foreign company and management fees from a Nigerian subsidiary.
What changed in 2026
- Form A is no longer needed for outward remittances from self-funded domiciliary accounts, with direct transfers up to $10,000 a day without full trade documents (Pavestones).
- Penalties for falsified FX documents rose: up to ten times the value for corporates, and banks face ₦100 million plus ₦10 million per transaction for inadequate documentation, TheCable reported.
- Domestic transactions between Nigerian entities are to be priced and settled in naira, with listed exemptions (TheCable).
Why files get sent back
Most delays come from small mismatches the bank cannot overlook. A proforma invoice older than 90 days, an insurance certificate below 110% of the invoice value, a beneficiary name on the payment that differs from the name on the agreement or invoice, or a technical-services payment without NOTAP approval will each stop the file. Check every name, amount and date across the documents before you submit, and keep a complete copy of each file, with the Form M or Form A number and the bank's transaction advice, with your accounting records so the auditor can trace the payment later.
Plan for timing. Form M must be registered before the supplier ships, and an invisible payment cannot be processed until the file is complete, so start the paperwork when the contract is signed, not when the invoice is due. Tell the supplier or service provider abroad which documents you need from them, such as a proforma on letterhead or a signed service agreement, so they arrive in the right form.
What to check first
- Is the payment for goods (Form M) or services (Form A), or from your own dom account under the new self-funded route?
- Do the agreement, invoice and payee name match exactly?
- Is tax evidence ready, including withholding tax deducted where it applies?
- Does the payment need NOTAP approval?
- Has the bank given you its own checklist? Each bank's list may add items.
Where Pryme fits
A Pryme Business Account holds NGN, USD, GBP and EUR, so foreign-currency receipts can stay in that currency until a payment is due. Swap shows the rate and the fee before you approve a conversion. Payments still need the documents the transaction requires.
Questions people ask
What documents do I need to buy dollars for my company in Nigeria?
For goods, a registered Form M with proforma invoice and insurance certificate. For services, Form A with the agreement, invoice, tax evidence and, for technical or management fees, NOTAP approval.
Is Form A still required in 2026?
For most invisible payments, yes. The 2026 FX Manual removed it for outward transfers from self-funded domiciliary accounts up to $10,000 a day, per Pavestones Legal.
How long is a proforma invoice valid for Form M?
Sterling Bank's Form M FAQ says a maximum of 90 days from issue.
Can I pay a foreign supplier from my own dom account without Form M?
Imports still need Form M; it can be marked Not Valid for FX when you pay from your own foreign-currency funds.
Sources
- Sterling Bank: Frequently asked questions on Form M (modified 13 Mar 2022) · accessed Oct 2026
- Stanbic IBTC: Approved documents for invisible FX transactions · accessed Oct 2026
- TheCable: CBN automates Form A and Form NCX (30 Nov 2021) · accessed Oct 2026
- Mondaq (Pavestones): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- Mondaq (WTS Blackwoodstone): The CBN's 2026 Foreign Exchange Manual, key reforms (10 Jul 2026) · accessed Oct 2026
- TheCable: CBN FX Manual 2026 (3 Jun 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.