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The short answer
Yes. A Nigerian bank can send euros from a domiciliary account to a Spanish IBAN as an international SWIFT transfer, not a SEPA payment. TheCable’s summary of the CBN FX Manual 2026 says domiciliary holders may make telegraphic transfers of up to US$10,000 (or its equivalent) per day. You need the recipient’s full name, IBAN and the Spanish bank’s BIC, and should expect charges at both ends.
Many Nigerians in Spain still have a domiciliary account at home, sometimes with euros in it from past travel or payments. Sending those euros to a Spanish account is possible, but it works differently from a euro transfer between two Spanish banks, and the limits and paperwork come from the Nigerian side.
Why it is a SWIFT transfer, not SEPA
The EU’s SEPA regulation (No 260/2012) covers euro transfers where the payment providers of both payer and payee are in the Union. A Nigerian bank is outside the Union, so a euro payment from Lagos to Madrid travels through correspondent banks on the SWIFT network. That has three consequences: it can take several working days, intermediary banks may deduct a charge, and the Spanish bank may charge to receive it.
What the Nigerian rules allow
- Daily limit. TheCable’s summary of the CBN FX Manual 2026 (June 2026) says domiciliary account holders may make telegraphic transfers of up to US$10,000 per day. The figure is expressed in dollars; ask your bank how it applies to a euro transfer.
- Non-Resident Nigerian accounts. Under the CBN framework effective 1 January 2025 (summarised by Mondaq), foreign currency balances in a Non-Resident Nigerian Ordinary Account are repatriable “without restrictions”. If you hold one, ask whether it gives more room than an ordinary domiciliary account.
- Reporting. A Mondaq summary of the Money Laundering (Prevention and Prohibition) Act 2022 says transfers to or from abroad above US$10,000 are reported to the NFIU, the CBN and/or the SEC within one day. Expect the bank to ask the purpose.
Details the Nigerian bank will ask for
| Detail | Where to find it |
|---|---|
| Recipient’s full name, exactly as on the Spanish account | Your Spanish bank app or contract |
| IBAN (a Spanish IBAN starts with ES) | Your Spanish bank app or statement |
| BIC (SWIFT code) of the Spanish bank | Your Spanish bank’s website or app |
| Recipient address | Your address in Spain |
| Purpose of payment | For example “transfer to own account abroad” |
| Charge option | OUR, SHA or BEN: who pays which charges |
A name mismatch or a wrong BIC is the commonest reason a SWIFT payment is returned, and a return usually costs charges both ways. Check the details twice.
How to send
- Confirm the euro balance in your domiciliary account, and that the account is active (a dormant account must be reactivated first).
- Use internet banking if your bank allows international transfers online; Access Bank’s domiciliary FAQ, for example, describes transfers through internet banking with a token. Otherwise send a signed instruction to your branch or account officer.
- Choose the charge option. With SHA, you pay the Nigerian bank’s fee and the recipient bears the rest; with OUR, you aim to pay all charges; with BEN, everything is deducted from the amount.
- Keep the transfer confirmation (often called an MT103 or SWIFT copy). It is your proof if the money is delayed.
- Tell your Spanish bank to expect the payment and have the source documents ready.
What it costs
Each Nigerian bank sets its own fee for outward foreign currency transfers, and correspondent and Spanish receiving fees are separate. We did not find a current published tariff for a named Nigerian bank’s outward euro transfer when we checked in October 2026, so ask your bank for its tariff in writing before you send. If the euros are already euros, there is no conversion cost; if the bank converts dollars or naira into euros, compare its rate with the mid-market rate. Our guide to OUR, SHA and BEN charges explains how the split works.
If the money is in naira or dollars, not euros
Many domiciliary accounts hold dollars rather than euros. You then have two choices: send dollars and let the Spanish bank convert them on arrival, or ask the Nigerian bank to convert to euros before sending. Each conversion is priced by the bank doing it, so ask both banks for the rate they would apply on the same day and compare each with the mid-market rate. If the money is in naira, it must first be converted into foreign currency through a bank, which is an authorised dealer, before it can leave Nigeria; ask your bank what documents it needs for that purchase. Remittance companies that pay into Nigeria are not a route for sending money out of Nigeria: Techeconomy’s summary of the CBN’s 2026 naira-only remittance policy describes outbound transfers through them as generally prohibited.
At the Spanish end
Under Ley 10/2010, a Spanish bank monitors the origin of funds. A transfer from your own account in Nigeria is simple to explain: send a statement showing the money in your name. See will my Spanish bank question money from Nigeria?
Where Pryme fits
A Pryme account holds EUR alongside NGN, USD and GBP, with account details for each currency. If euros are already in the account, they stay euros until you choose otherwise; sending shows the fee before you approve. Outside Nigeria, Pryme works through regulated partners. See the multicurrency account.
Questions people ask
Can I send euros from my GTBank or Access domiciliary account to Spain?
Domiciliary accounts can send foreign currency abroad by SWIFT, within the daily limit reported for the CBN FX Manual 2026. Ask your bank for its outward transfer process and tariff.
Is a transfer from Nigeria to Spain a SEPA payment?
No. SEPA covers euro payments where both payment providers are in the EU. A transfer from a Nigerian bank goes by SWIFT.
How long does a euro transfer from Nigeria to Spain take?
SWIFT payments usually take several working days and depend on the correspondent banks. Keep the SWIFT confirmation to trace a delay.
What is the limit for sending dollars or euros from a domiciliary account?
TheCable’s summary of the CBN FX Manual 2026 says up to US$10,000 per day by telegraphic transfer. Confirm how your bank applies it.
Sources
- EUR-Lex: Regulation (EU) No 260/2012 (SEPA credit transfers and direct debits) · accessed Oct 2026
- TheCable: what to know about the CBN FX Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Mondaq: CBN operational framework for NRNOA and NRNIA accounts (22 May 2025) · accessed Oct 2026
- Mondaq: key provisions of the Money Laundering (Prevention and Prohibition) Act 2022 · accessed Oct 2026
- Access Bank: Domiciliary Account FAQs · accessed Oct 2026
- Techeconomy: what the CBN naira-only remittance policy means (28 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.