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The short answer
Usually yes, in practice: a Nigerian bank holds its US dollars in an account at a correspondent bank in the US, and a dollar wire reaches the Nigerian bank through that account. Some US banks find the route themselves; others ask you to enter the correspondent as the "intermediary bank". Fidelity Bank, for example, names Citibank N.A. New York (CITIUS33) as its US dollar correspondent, and any intermediary charge is usually deducted from the amount on its way.
Why a correspondent sits in the middle
A wire moves money between accounts that banks hold with each other. Your US bank almost certainly has no account at a Nigerian bank, and a Nigerian bank cannot settle US dollars inside Nigeria's own payment system. So each Nigerian bank that receives dollars keeps a dollar account, called a nostro or correspondent account, at a bank in the US. Your bank pays that US bank, the US bank credits the Nigerian bank's account, and the Nigerian bank then credits the recipient's domiciliary account.
If your bank itself has a relationship with the correspondent, the hop may be direct. If not, a further bank may sit between them. Each bank in the chain can take a charge, which is why the amount that arrives can be less than the amount sent.
What a Nigerian bank's instructions look like
Fidelity Bank Plc publishes its "details for SWIFT transfers" as a document. For US dollars it lists:
- Intermediary (correspondent) bank
- Citibank N.A., New York, SWIFT CITIUS33
- Account with the correspondent
- Fidelity Bank's own account number at Citibank
- Beneficiary bank
- Fidelity Bank Plc, SWIFT FIDTNGLA
- Field 59 (beneficiary)
- The recipient's name and Fidelity account number
For pounds and euros the same document names Citibank N.A. London (CITIGB2L) with separate IBANs per currency. Other Nigerian banks publish their own sheets with their own correspondents. Always use the sheet the recipient's bank gives now: correspondents change, and an outdated one is a common cause of delays and returns.
Do you have to fill in the intermediary field?
- If your bank's form has an optional intermediary field and the Nigerian bank has given you its correspondent, enter it. It removes guesswork about routing.
- If your bank does not ask, it may route the wire itself. That can still work, but ask the recipient to confirm which correspondent their bank expects.
- Where the account number goes. The Nigerian bank's account at the correspondent goes with the intermediary details; the recipient's own 10-digit account number goes in the beneficiary field. Swapping them is a frequent error.
If you send naira instead, your bank or provider converts in the US and pays out through a Nigerian route, and the dollar correspondent question does not arise in the same way. Our guide to wiring USD to a domiciliary account covers the receiving side.
What the intermediary costs
No standard figure exists. Each bank in the chain sets its own charge, and the sending bank may not know in advance which banks will touch the payment. Where a published figure exists, it comes from the bank itself; Barclays in the UK, for example, simply warns that intermediary banks "may charge". For a consumer transfer from the US, the CFPB's rule requires the provider to disclose the fees it knows about, including certain fees charged by other institutions, and the amount expected to be delivered, which may be marked as an estimate.
Worked example
Example only; fees are illustrative. Tunde wires $2,000 from his US bank to his mother's Fidelity dollar account.
- His bank charges a $40 outgoing wire fee, so $2,040 leaves his account.
- The correspondent deducts $15, so $1,985 reaches Fidelity's account at Citibank.
- Fidelity credits $1,985 to his mother's account, less any receipt charge Fidelity applies.
- Total cost before any Fidelity charge: $40 + $15 = $55 on $2,000, or 2.75%.
If the wire stalls in the middle
A wire that has left your account but not reached the recipient is usually sitting with a bank in the chain, often because a detail did not match or a compliance check is under way. The correspondent will not talk to you directly, because you are not its customer. The steps run through your own bank:
- Ask your bank for the payment reference and a copy of the SWIFT message it sent.
- Send that copy to the recipient, who gives it to their Nigerian bank's international operations desk so it can look for the incoming funds.
- If your bank reports that the correspondent has asked a question, answer it quickly through your bank; unanswered queries are a common reason for returns.
- If the money has not arrived by the date on your receipt, report it to your bank as an error. Under the federal rule you have 180 days from that date to do so.
Do not send a second wire while the first is unresolved: if both eventually arrive, or one comes back with charges taken, you pay twice.
What to check first
- The recipient's bank's current instruction sheet for US dollars.
- Which account number goes where: the bank's at the correspondent, the recipient's in the beneficiary field.
- Your receipt's "amount to be received" and whether it is marked as an estimate.
- The SWIFT code of the Nigerian bank itself; see SWIFT codes for Nigerian banks.
Where Pryme fits
If the aim is naira for family, a dollar wire through a correspondent chain is one route among several. A Pryme account opened from the US holds US dollars and naira, with local details for each, and Naira deposits are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. Outside Nigeria, Pryme's activities are carried out through regulated partners. You convert with Swap when you choose; the app shows the rate and the fee before you approve.
Questions people ask
What is an intermediary bank on a wire to Nigeria?
It is the US correspondent bank where the Nigerian bank holds its dollar account. Your bank pays that bank, which credits the Nigerian bank, which then credits the recipient.
Who is Fidelity Bank's US correspondent?
Fidelity's 2025 SWIFT transfer details name Citibank N.A., New York (CITIUS33) for US dollars. Ask Fidelity for its current sheet before you send.
Why did less money arrive than I sent?
An intermediary or the receiving bank may have deducted a charge. Your remittance receipt should show the amount expected to be delivered; ask your bank which charges applied.
Can I wire to Nigeria without filling in the intermediary field?
Sometimes. Your bank may route it itself, but entering the correspondent the Nigerian bank gives reduces the chance of delay or return.
Sources
- Fidelity Bank Plc, Details for SWIFT transfers 2025 · accessed Oct 2026
- CFPB, What is a remittance transfer and what are my rights? (modified 10 Oct 2024) · accessed Oct 2026
- eCFR, 12 CFR Part 1005 Subpart B, Requirements for Remittance Transfers · accessed Oct 2026
- Barclays, International payments · 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.