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The short answer
If your Nigerian bank has no direct feed into Xero, you export the statement, clean it into a CSV that Xero can read (one row per transaction, consistent dates, one signed amount column) and import it into a bank account set up in the currency of that account. A naira bank account in Xero needs a plan with multi-currency, which Xero UK lists on Comprehensive and Ultimate but not Ignite or Grow; without it you would have to convert each line to sterling yourself, which loses the exchange-difference trail.
Owners who run a UK company with a Nigerian side, or a UK business that holds a naira account for suppliers, soon meet the same chore: the Nigerian statement arrives as a PDF or spreadsheet, and the books are in Xero. This guide covers the decisions to make first, the clean-up that makes an import work, and the record-keeping rules on both sides.
Decide how the naira account sits in Xero
There are two ways to hold a Nigerian account in Xero, and the choice drives everything after it.
| Approach | What it needs | Trade-off |
|---|---|---|
| Naira bank account in Xero | A plan with multi-currency (Xero UK lists "Use multiple currencies" on Comprehensive and Ultimate) and NGN available as a currency in your organisation | Statement lines stay in naira; Xero converts to sterling and tracks gains and losses |
| Sterling account, lines pre-converted | Any plan | You convert each line yourself; rates and differences live in a spreadsheet, not in Xero |
Check NGN is listed in your organisation's currency settings before you commit; this guide did not confirm Xero's currency list. Xero's pricing page (October 2026) says all four UK plans include reconciling transactions and Grow, Comprehensive and Ultimate include auto-reconciliation; Ignite lists it as an add-on. For the accounting side of the choice, see setting up naira in Xero or QuickBooks.
Get the right file from the Nigerian bank
Ask for, or download from internet banking, a statement in a spreadsheet format rather than PDF where the bank offers one. PDF tables copied into a spreadsheet often split narrations across rows, drop minus signs or merge columns, and every one of those errors becomes a wrong transaction in Xero. Request a statement covering whole months so each import has a clear opening and closing balance to check against.
Clean the statement into an importable CSV
Xero's help centre sets out the file formats and column mapping it accepts; check the current statement import guide before your first import, because this article could not open it. Whatever the template, the same clean-up is needed for a typical Nigerian statement:
- Delete header blocks, logos, address lines and the opening and closing balance rows, so only transactions remain.
- Keep one header row: date, amount, payee or description, reference.
- Make every date the same format, and the format your Xero organisation expects; Nigerian statements often mix value date and transaction date, so pick one and use it throughout.
- Combine separate debit and credit columns into one amount column, with money out as negative.
- Strip the naira sign, thousands separators and any trailing CR or DR text from amounts.
- Put the long NIP or transfer narration into the description column; it is what you will match on later.
- Total the amount column and check that opening balance plus that total equals the statement's closing balance before importing.
- Example line before
- 12-Sep-2026 | NIP TRF FROM ADEBAYO STORES LTD/INV0441 | | 1,250,000.00 CR | 4,806,312.55
- Example line after
- 12/09/2026, 1250000.00, Adebayo Stores Ltd, INV0441
The example is invented for illustration. Note the running balance column is dropped; Xero calculates its own.
Import, then reconcile
Import into the correct bank account, check the number of lines Xero says it imported, and compare Xero's statement balance with the bank's. Importing the same date range twice is the most common way duplicates appear, so keep a log of which statement periods you have loaded. Bank charges, stamp duty lines and electronic levies on Nigerian statements should be coded to bank charges rather than left unreconciled.
What HMRC and NRS expect from these records
For a UK company, GOV.UK says accounting records, including bank statements, must be kept for 6 years from the end of the last company financial year they relate to, longer in some cases, and HMRC can fine a company £3,000 for not keeping them. If the business is VAT-registered and the naira account carries VAT-relevant transactions, HMRC's VAT Notice 700/21 says data moved between programs must use a digital link; importing and exporting a CSV counts, while copying and pasting does not. A naira subsidiary in Nigeria has its own duty: the Nigeria Tax Administration Act 2025, section 31, requires books and records in English for not less than six years after the year of assessment.
For year-end translation of naira balances, see foreign currency accounting: revaluation and realised gains, and for reconciliations across two currencies, an AI agent for bank reconciliation in two currencies.
Where Pryme fits
A Pryme Business Account holds NGN, GBP, USD and EUR with local account details for each, so naira and sterling activity appear on separate statements in their own currency. Any customer can generate a regular or a verifiable statement through VerifyDoc.ai (receipts and statements), which gives your accountant a document they can check is unaltered.
Questions people ask
Can Xero connect directly to my Nigerian bank?
Xero says direct bank feeds are available for most customers, but this guide could not confirm feeds for any Nigerian bank. If there is none, importing a statement file is the usual route.
Which Xero plan do I need for a naira account?
Xero UK's pricing page lists multi-currency on Comprehensive and Ultimate only (October 2026). Check NGN is available in your organisation.
Why does my Nigerian statement CSV fail to import?
Usually mixed date formats, separate debit and credit columns, currency symbols or commas in amounts, or balance rows left in. Clean those first.
Is importing a CSV acceptable for Making Tax Digital?
HMRC's VAT Notice 700/21 lists CSV import and export as an acceptable digital link; copying and pasting is not.
Sources
- Xero UK: Pricing plans (Oct 2026) · accessed Oct 2026
- HMRC VAT Notice 700/21: Record keeping for VAT (updated 18 Mar 2024) · accessed Oct 2026
- GOV.UK: Running a limited company, company and accounting records (updated 23 Oct 2026) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · 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.