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
A Nigerian importer can pay a UK exporter in US dollars in two main ways: from the buyer's own domiciliary account, or through their bank against a Form M for the goods, which needs your pro forma invoice and, for regulated goods, your SONCAP Product Certificate. Under the CBN's 2026 Foreign Exchange Manual, as summarised by Pavestones Legal, a self-funded domiciliary account no longer needs Form A for outward remittances, direct transfers of up to US$10,000 a day can go without the full trade documentation, and advance payment for physical imports is capped at 30% of FOB value.
UK exporters selling to Nigeria usually want dollars or pounds, not naira, and Nigerian buyers usually want to pay in a way that keeps their bank and the CBN satisfied. Knowing which route your buyer will use tells you what documents to send, how long to wait and how far to trust a "payment sent" message.
Route one: from a domiciliary account
A domiciliary account is a foreign-currency account held at a Nigerian bank. TheCable's June 2026 report on the CBN FX Manual says no disclosure of source of funds is needed to open or fund one, and that transfers from domiciliary accounts are allowed up to US$10,000 a day. Pavestones Legal's summary adds that Form A is no longer required for outward remittances from self-funded domiciliary accounts. For smaller orders, a buyer with dollars already in their account may simply send a transfer.
For larger orders, the buyer's bank will still want trade documents, and your goods still need clearing at the Nigerian port with a Form M behind them. The Nigeria library explains business domiciliary accounts.
Route two: through the bank against Form M
Form M is the CBN import declaration a Nigerian importer opens with their bank before goods ship. Your role is to supply what it is built on:
- a pro forma invoice with HS codes, quantities, prices and the Incoterm (SON notes a PFI is valid for three months)
- for SONCAP-regulated goods, a Product Certificate from an accredited firm; SON says the PC is what opens Form M
- consistent descriptions across the PFI, final invoice and bill of lading
Since 27 March 2026, SON says certificate activation for Form M runs on the National Single Window. The bank then pays you by the method on the Form M: advance payment, letter of credit or bills for collection. See Form M for UK exporters.
How much can be paid in advance?
Pavestones Legal reports that the 2026 FX Manual raised the advance payment limit for physical imports from 15% to 30% of FOB value. So a buyer paying through the Form M route can usually send a deposit of up to 30% before shipment, with the balance on documents or after arrival. If you need more security on the balance, a letter of credit or documentary collection puts a bank between you and the risk.
Worked example (illustrative)
Example: an order with an FOB value of US$80,000. At a 30% cap, the largest advance is US$24,000 and the balance is US$56,000. Under a letter of credit, the balance is paid when you present compliant documents to the bank.
Dollars or pounds?
Many Nigerian importers hold dollars rather than pounds, and quote and pay in dollars even when the seller is British. If your costs are in pounds, invoicing in dollars moves the exchange risk to you, so price with that in mind or agree to invoice in pounds. Whatever currency you choose, use the same one on the PFI, the Form M, the final invoice and any letter of credit. A currency change halfway through means a new PFI and, often, an amended Form M, which adds time.
Nigerian rules also require domestic transactions between Nigerian entities to be priced and settled in naira, with sector exemptions, according to Pavestones Legal's summary of the 2026 Manual. That rule is about deals inside Nigeria. A sale from a UK seller to a Nigerian importer is an import, so dollar or pound pricing is normal, but a Nigerian distributor reselling your goods locally will price in naira.
Red flags
- A buyer offering to pay the full amount from a third party's account you cannot identify.
- Pressure to ship on a screenshot or "MT103" before the money is in your account (fake proof of payment).
- Requests to under-value the invoice "to reduce duty". The CBN Manual, as TheCable reports, provides for prison terms and penalties of up to five times the value for individuals using falsified FX documents.
What to ask the buyer
- Which route will you use: own domiciliary funds or Form M through your bank?
- Which bank, and who is my contact there?
- Will any part be a letter of credit, and which bank will confirm it?
- What HS codes and descriptions does your clearing agent want on my PFI?
Where Pryme fits
A Pryme Business Account gives a UK exporter USD account details as well as GBP and EUR, so a Nigerian buyer can pay dollars and the money stays in dollars until you choose to Swap. Payments arrive against your invoices, which helps reconcile deposit and balance.
Questions people ask
Can a Nigerian company pay me in dollars?
Yes, from a domiciliary account or through its bank against a Form M. The route decides what documents you must supply.
How much can a Nigerian importer pay in advance?
Pavestones Legal reports the CBN's 2026 FX Manual allows up to 30% of FOB value for physical imports.
Do I need a SONCAP certificate to get paid?
For SONCAP-regulated goods, yes in practice: SON says the Product Certificate is what opens the buyer's Form M.
Is US$10,000 the limit on a domiciliary transfer?
TheCable reports that the 2026 Manual allows transfers up to US$10,000 a day from domiciliary accounts; trade payments through Form M follow their own documentation.
Sources
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheCable: CBN Foreign Exchange Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Standards Organisation of Nigeria: SONCAP FAQ (2026) · accessed Oct 2026
- Standards Organisation of Nigeria: Mandatory migration of SONCAP and import permit processes to the National Single Window (25 Mar 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.