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
Billing in naira makes you easy to pay but puts all the exchange risk on you, because your costs and taxes in Spain are in euros. Billing in euros or dollars moves the risk to the client, who then has to buy foreign currency; many freelancers settle on a euro or dollar price with an agreed naira payment option at the rate on the payment date.
Why the currency choice matters
Your rent, cuota and tax bills in Spain are in euros. If your invoice is in naira and the naira weakens between the invoice date and the day you convert, you receive fewer euros for the same work. If your invoice is in euros, the client in Nigeria carries that risk instead, and has to find foreign currency to pay you. Neither choice is wrong; the point is to decide deliberately who carries the risk and price accordingly.
Naira, dollars or euros: the trade-offs
| Invoice currency | For you | For the client |
|---|---|---|
| Naira | Full exchange risk until you convert; easy for client to pay | No FX purchase needed; pays a local account |
| US dollars | Less risk than naira, but a euro-dollar risk remains | Needs dollars; many Nigerian firms already hold or buy dollars |
| Euros | No exchange risk on income | Must buy euros or pay via a provider that converts |
A worked example of the risk
These figures are an example only. You agree a fee of ₦3,300,000, equal to €2,000 at an example rate of ₦1,650 per euro on the invoice date. The client pays 60 days later and you convert at an example ₦1,800 per euro: you receive about €1,833.33, or €166.67 less than you planned. If the naira strengthened to ₦1,500, you would receive €2,200. Over a year of monthly invoices, swings like these can matter more than a small difference in your day rate.
Withholding tax adds a second gap. PwC's summary of Nigeria's 2024 deduction-at-source regulations says payments to non-resident professional and consultancy providers carry 10% withholding, described as a final tax, so on the example fee the client might deduct ₦330,000 and pay ₦2,970,000. Agree whether your price is gross or net of that. See reclaiming Nigerian withholding tax.
Can the client pay in foreign currency?
Whether a Nigerian client can pay you in dollars or euros depends on its own access to foreign currency. Under the CBN Foreign Exchange Manual 2026, as summarised by Mondaq on 24 Jun 2026, the Form A requirement was removed for outward remittances from self-funded domiciliary accounts, with direct transfers of up to $10,000 a day possible without full trade documentation. TheCable's report of 3 Jun 2026 describes the same $10,000-a-day limit for domiciliary account holders. Larger payments for services may need supporting documents from the client's bank. If a client says it cannot pay in dollars, that may be a real constraint rather than reluctance; see why a Nigerian client may not be able to pay in dollars.
Clauses that share the risk fairly
- Price in euros or dollars, with an option to pay the naira equivalent at a named rate source on the payment date.
- A band: the naira price holds while the rate stays within an agreed range, and is reset if it moves outside it.
- Shorter payment terms or deposits for naira invoices, which reduce the time you carry the risk.
- A clear statement of who pays transfer and bank charges, and whether withholding is included in the fee.
See FX clauses for a retainer with a Nigerian client for sample wording.
Choosing for different kinds of client
The right answer often differs by client. A large Nigerian company with a dollar budget and a domiciliary account can usually pay in dollars and may prefer to, because it settles the cost at a known figure. A small business or an individual with only naira income may struggle to pay in foreign currency at all, and insisting on it can lose you the work. For those clients, a naira price with short terms, a deposit and a review date is often more realistic than a euro price they cannot meet.
- Retainers and long projects: price in euros or dollars, or include a rate band, because the risk builds over months.
- One-off jobs paid within days: a naira price carries little risk if you convert on receipt.
- Clients paying from abroad (for example a Nigerian firm's foreign subsidiary): bill in the currency of the paying entity.
Whichever currency you use, write it on the invoice and in the contract, with the payment terms and the rate source if there is a conversion option. Ambiguity about currency is one of the commonest causes of disputes with clients in any country.
Your Spanish books
Whatever currency you bill in, your Spanish records and returns are in euros, so each invoice and payment needs a euro value and the rate you used, applied consistently. Differences between the invoice-date and payment-date values are part of your accounts. See exchange rates in Spanish books for naira invoices, and ask your asesor which rate source to use.
Where Pryme fits
A Pryme Business Account gives local account details in naira, dollars, euros and pounds, so a client can pay in the currency on the invoice and the money stays in that currency until you choose to convert with Swap. The app shows the rate and the fee before you approve. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
Should I invoice Nigerian clients in naira or dollars?
Naira is easiest for the client but leaves you all the exchange risk; dollars or euros move it to the client. Many freelancers price in euros or dollars with a naira option at the payment-date rate.
Who carries the exchange risk on a naira invoice?
You do, from the invoice date until you convert the naira. Shorter terms or deposits reduce that window.
Can a Nigerian company pay a foreign freelancer in dollars?
Often yes, if it holds a domiciliary account. CBN rules reported in June 2026 allow transfers up to $10,000 a day from self-funded domiciliary accounts without Form A.
Why is my Nigerian client paying less than my invoice?
Nigerian companies usually deduct 10% withholding tax on payments to non-resident consultants. Agree gross or net pricing in the contract.
Sources
- Mondaq: Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheCable: CBN FX Manual 2026 (3 Jun 2026) · accessed Oct 2026
- PwC Nigeria: highlights of the Deduction at Source (Withholding) Regulations 2024 · 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.