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The short answer
A UK lender decides how it treats a naira statement, and many restrict foreign-currency income: Nationwide, for example, will not accept income paid in a foreign currency for some applicants and wants foreign nationals' primary income paid in pounds into a UK account. Savings held in Nigeria are often treated differently from income; Nationwide asks for three months' statements for savings held outside the UK and EEA plus a UK statement showing the transfer. Convert figures at a stated, sourced rate and say which, but expect the lender to apply its own.
Income and savings are treated differently
Lenders look at a Nigerian statement for two quite different reasons. One is income: is regular money arriving that can support repayments? The other is the deposit: is this money yours, and where did it come from? The rules for each are different, and it helps to know which question the statement is answering.
Income in naira
Nationwide's intermediary criteria, checked in October 2026, say that for expats it will not accept cases where income is paid in a foreign currency, and that foreign nationals without settled status must have their primary income paid in pounds into a UK bank account. Other lenders differ: some accept foreign-currency income with a reduction applied to allow for currency movement, others do not. A broker who knows the market can tell you which lenders accept what. If your main income is a UK salary and naira income is extra, most lenders will simply base the loan on the UK salary.
Savings and deposit money in Nigeria
Nationwide's essential criteria ask, for savings held outside the UK and EEA, for three months' statements plus a UK statement showing the transfer. For a sale of overseas property, it asks for a solicitor's letter or completion statement and, if the proceeds were paid into an account outside the EEA, six months' statements with the latest dated within 90 days. It lists cryptocurrency among unacceptable deposit sources. The pattern most lenders follow is similar: show the money building up, show it leaving Nigeria, show it arriving in the UK.
Converting the figures
Naira figures need converting so an underwriter can read them, but there is no single official rate a UK lender must use. Practical options:
- The rate actually applied when the money was converted, shown on the conversion receipt. This is the strongest evidence for the deposit.
- HMRC's published exchange rates, which HMRC releases monthly and as averages (on the UK Trade Tariff service). These are a neutral reference for income across a year.
- The lender's own rate, which it will apply regardless. Ask which it uses.
Whatever you choose, state it on a covering sheet: "Converted at ₦X to £1, HMRC monthly rate for [month]". Unexplained conversions are what cause underwriters to send cases back.
Worked example
Example only. Your Nigerian account shows ₦12,000,000 saved over two years. At an example rate of ₦2,000 to £1, that reads as £6,000. When you send it to the UK, the conversion receipt shows ₦12,000,000 sold at ₦2,050 per pound, so £5,853.66 arrived, before any fee. Give the lender the £5,853.66 figure from the receipt and the UK statement showing it; the earlier conversion was only a guide.
Letters and documents that help
- Original statements, downloaded as PDFs or stamped by the bank, covering the period the lender asks for.
- A bank reference or balance confirmation letter on headed paper, if the lender wants proof the account is yours.
- Evidence of where large credits came from: payslips, a sale agreement, a gift letter.
- The conversion receipt and the UK statement showing the money arrive.
- A covering note explaining any transfers between your own accounts, so they are not mistaken for third-party money.
Nigerian bank statements are in English, so translation is rarely the issue; legibility and authenticity are. Lenders take fraud seriously, and a statement that looks edited can end an application. If the lender asks for statements sent directly from the bank, ask the bank to do that. Our guide on proving the source of funds from Nigeria goes into the evidence chain, and deposits gifted from Nigeria covers gifts from family.
If you are renting rather than buying
Letting agents and referencing firms sometimes ask new arrivals for bank statements when there is little UK history to check. The same principles apply on a smaller scale: give statements that are complete and legible, put a sterling figure beside the naira balance with the rate you used, and explain anything unusual in a short note. Some agents will accept a larger deposit or rent paid in advance in place of a long UK history, though rules on deposits and advance rent depend on where in the UK you rent, so check before agreeing. Do not hand over more personal data than they need; a balance summary may be enough for a referencing check where a full transaction history is not.
Timing
Moving the deposit to the UK early, and leaving it in a UK account for a few months, gives the lender a cleaner trail and fixes the sterling amount. Leaving it in naira until completion exposes you to the exchange rate: if the naira weakens, your deposit in pounds shrinks while the price of the house does not.
Where Pryme fits
Pryme customers can generate a verifiable statement with VerifyDoc.ai, which anyone, including a lender, can check is genuine and unaltered. Naira and pounds sit in one multicurrency account, and Swap shows the rate and fee before you approve, so the conversion receipt is on record.
Questions people ask
Do UK mortgage lenders accept Nigerian bank statements?
Many do for deposit evidence, usually with a UK statement showing the transfer. Fewer accept naira income; check the lender's criteria.
What exchange rate should I use to convert my naira statement?
Use the rate on your actual conversion receipt for money moved, or HMRC's published rates as a neutral reference, and state which. The lender may apply its own.
Does my Nigerian statement need translating?
Nigerian bank statements are in English, so normally not. They do need to be complete, legible and genuine.
Can I use savings in Nigeria as a mortgage deposit?
Usually, if you can show the savings building up and the transfer to the UK. Nationwide asks for three months' overseas statements plus the UK statement.
Sources
- Nationwide for Intermediaries: Borrower types · accessed Oct 2026
- Nationwide for Intermediaries: Essential criteria · accessed Oct 2026
- UK Trade Tariff: HMRC average exchange rates (March 2026 release) · 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.