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The short answer
The currency you invoice in decides who carries the exchange rate risk: invoice in naira and you carry it, invoice in cedis and your client does. Many cross-border freelancers settle on a third option, a dollar invoice, or a naira invoice with a rate-adjustment clause; whatever you choose, state the currency, the rate rule and who pays charges on the invoice and in the contract.
The question is really about risk
Between the day you send an invoice and the day the money reaches you in Accra, the naira and the cedi can move against each other. Someone carries that movement. The invoice currency decides who. This is information to help you choose; the right answer depends on your client, your costs and how long they take to pay.
| Invoice currency | Who carries the risk | Client's view | Your view |
|---|---|---|---|
| Naira | You | Easiest to pay; a local transfer | Your cedi income moves with the rate |
| Cedis | The client | Must buy cedis or pay through a route that converts | Your income is fixed in your spending currency |
| US dollars | Both, against the dollar | Needs dollars or a bank that will sell them | Neutral currency; you convert when you choose |
| Naira with adjustment clause | Shared by formula | Pays naira, amount set by an agreed rate | Protects you within the clause |
Why many Nigerian clients prefer naira
For a Nigerian business, naira is what is in the bank. The CBN's 2026 foreign exchange manual, as reported in June 2026, treats the naira as legal tender for transactions in Nigeria and says domestic transactions between Nigerian entities are priced and settled in naira. Your client paying you abroad is a cross-border payment, not a domestic one, but in practice a client without dollars will find a naira invoice simplest. Paying you in another currency means their bank must sell them foreign currency and ask for documents.
Worked example
| Invoice | Amount on invoice | What you receive in cedis |
|---|---|---|
| Naira | ₦1,000,000 | ₦1,000,000 at ₦110 = GH¢9,091 |
| Cedis | GH¢10,000 | GH¢10,000 (the client paid ₦1,100,000) |
| Naira with clause at payment-day rate | ₦1,000,000, adjusted to ₦1,100,000 | GH¢10,000 |
In this example the naira invoice costs you GH¢909, about 9% of the fee, because the naira weakened by 10% while you waited. Had the naira strengthened instead, the naira invoice would have paid you more. The risk runs both ways; the question is whether you can afford the bad case.
How to word the currency clause
Put the same wording in the contract and on every invoice. Four parts matter.
- The invoice currency: 'All amounts are in Nigerian naira (NGN)' or 'in US dollars (USD)'.
- The rate rule, if any: 'If the NGN/GHS rate published by [named source] on the payment date differs from the rate on the invoice date by more than 5%, the NGN amount will be adjusted to the payment-date rate.'
- Charges: 'Each party pays its own bank charges' or 'All charges are for the client's account.'
- Payment route: the account details, and that payment to any other account is not payment.
Name a rate source both sides can see. A vague 'prevailing rate' starts arguments. A checklist of other invoice fields is in our Nigeria guide on what to put on an invoice.
Tax on the invoice
Two tax points touch the currency question. The client may deduct Nigerian withholding tax, which our guide on WHT on your invoice explains. In Ghana, the VAT Act 2025 says service providers must register for VAT whatever their turnover, according to Crowe Ghana; whether your supply to a Nigerian client attracts Ghana VAT is covered in do I charge Ghana VAT. Your Ghana tax records will need a cedi value for each invoice, so note the rate you used.
When the client pays late
Late payment and currency risk compound each other. A naira invoice paid 90 days late leaves you exposed for three months instead of one, and nothing in the invoice compensates you for that. If you invoice in naira, consider pairing the currency clause with a payment term and a late-payment clause, for example that amounts unpaid after 30 days are recalculated at the rate on the actual payment date. Keep the wording simple enough that a client's accounts team can apply it without calling a lawyer. If a client simply stops paying, our guide to what to do when a Nigerian client will not pay sets out the options from Ghana.
A practical middle way
- Short jobs paid quickly: naira is often fine; the rate has little time to move.
- Long projects or slow payers: dollars, or naira with a clause.
- Retainers: review the naira amount at a set interval, for example each quarter.
- Deposits: ask for part up front, which shortens your exposure.
Where Pryme fits
With a Pryme Business Account a Nigerian client can pay naira locally, and you can hold it or convert it with Swap when you choose; the app shows the rate and fee before you approve. Invoicing lets you set the invoice currency per client.
Questions people ask
Is it better to invoice in naira or dollars from Ghana?
Naira is easiest for the client but leaves you with the exchange rate risk. Dollars share the risk against a neutral currency. Choose based on payment time and your costs.
Can a Nigerian company pay an invoice in cedis?
It can, but it must buy cedis or use a route that converts, so many clients resist. Agree this before work starts.
What is an exchange rate adjustment clause?
A clause that resets the invoice amount to an agreed rate on the payment date if the rate has moved by more than a set percentage.
Which exchange rate should I use for my Ghana tax records?
Record the rate you used on each invoice and payment, and ask GRA or your accountant which rate it expects.
Sources
- TheCable: CBN Foreign Exchange Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Crowe Ghana: Ghana VAT reform 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.