AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
If a Nigerian client cannot pay your pound invoice, the practical options are to accept naira into Nigerian account details in your name and convert when you choose, to let the client pay from a domiciliary (foreign-currency) account, or to wait while the client buys foreign currency through its bank. Avoid informal arrangements where a third party pays you in pounds against naira sent to someone else: they leave you with no clear record of who paid and why.
Why the client may be stuck
A Nigerian business that earns in naira has to obtain pounds before it can pay a pound invoice. Under the Central Bank of Nigeria's FX Manual, as summarised by TheCable on 3 June 2026, Nigerian entities are expected to price and settle in naira, with exemptions for some sectors. Buying foreign currency to pay a foreign supplier normally runs through the client's bank, with documents such as your invoice and contract, and can take longer than a domestic payment. The paperwork is explained in Form A and Form M explained.
So "can't pay in pounds" usually means one of three things: the client has no foreign-currency account; it has one but holds dollars, not pounds; or its bank is slow to process the purchase. Each has a different fix.
Option 1: accept naira
The simplest route for the client is a naira transfer to a Nigerian account. For you, that means having Nigerian account details in your own name and deciding when to convert. Points to settle first:
- Fix the naira amount in writing. Agree the naira figure, or the rate and date used to convert your pound price, before the client pays.
- The exchange-rate risk moves to you from the moment you agree a naira amount until you convert. See pounds or naira on the invoice.
- Use an account in your own name. Money paid to a relative's account is harder to evidence as your business income, and harder to get back if something goes wrong.
- Keep the record. Your UK books still need the pound value of the income.
Option 2: payment from a domiciliary account
Many Nigerian businesses hold dollar domiciliary accounts. TheNigeriaLawyer's report on the FX Manual (2 June 2026) says ordinary domiciliary account holders have "unfettered and unrestricted access" to their balances for eligible transactions and that Form A is not mandatory for remittances funded from such accounts. In practice, that can make a payment from an existing dollar balance quicker than buying new currency.
If the client holds dollars, consider invoicing in dollars, or accepting dollars against a pound invoice at an agreed rate. You then need somewhere to receive dollars without an unwanted conversion on arrival.
Option 3: wait for a bank FX purchase
Where the client has naira and its bank will sell it pounds against your invoice, the payment can still happen; it just takes longer. Help it along by sending a clear invoice with your full legal name, address, the service, the amount and complete bank details, and a short contract or purchase order if the bank asks. Agree a realistic due date rather than the usual 14 days.
What to avoid
- Third-party "swap" arrangements. Someone in the UK pays you pounds while your client pays naira to that person's contact in Nigeria. You receive money from a stranger with no link to your client, which is hard to explain to your bank or to HMRC. See grey accounts and informal routes.
- Splitting payments to dodge limits. Personal travel allowance, which TheCable reports at $4,000 a quarter for adults, is for individuals' personal needs, not for paying a company's suppliers.
- Starting work before you know how you will be paid. Agree the route first.
Questions to ask the client before you agree
- Do you hold a domiciliary account, and in which currency?
- Has your bank paid foreign suppliers for you before, and how long did it take?
- Which documents will your bank want from me: invoice, contract, my company or personal details?
- Can you pay a deposit in naira now and the balance in foreign currency later?
- Who will bear the charges your bank and any intermediary bank deduct?
The answers tell you which option is realistic and what due date to put on the invoice. A client that has never paid a foreign supplier may need weeks the first time, so build that into your terms, and consider a deposit before work starts; see taking deposits from Nigerian clients.
A worked example
Example only, using an assumed rate. Your invoice is £1,500. The client cannot buy pounds this month but can pay naira. You agree a rate of ₦2,050 to £1 on the invoice date, so the client pays ₦3,075,000 (1,500 x 2,050). If you later convert at ₦2,100 to £1, you receive about £1,464.29 before costs (3,075,000 / 2,100), £35.71 less than the invoice. If you convert at ₦2,000, you receive £1,537.50. Agreeing a date and source for the rate, and converting promptly if you need pounds, keeps the gap small.
Where Pryme fits
A Pryme Business Account gives you local account details for NGN, USD, GBP and EUR in one place, so a Nigerian client can pay naira into your naira details or dollars into your dollar details. Money stays in the currency it arrived in until you Swap it, and the app shows the rate and the fee before you approve. Virtual accounts can help you match payments to clients, and a verifiable receipt gives the client proof of payment.
Questions people ask
What do I do if my Nigerian client cannot pay me in pounds?
Agree naira at a fixed rate into Nigerian account details in your name, accept dollars from the client's domiciliary account, or allow time for the client's bank to sell it pounds. Agree the route before starting work.
Can a Nigerian client pay me from a domiciliary account?
Yes, if it holds foreign currency. Reports on the 2026 CBN FX Manual say domiciliary holders have unrestricted access to their balances for eligible transactions, and that Form A is not mandatory for remittances funded from them.
Is it safe to accept pounds from a third party for naira my client paid?
It is risky. You receive money from someone with no link to your client, which is hard to explain to your bank or to HMRC. Use a route where the client pays you directly.
Do I still pay UK tax if I am paid in naira?
Yes. If you are UK resident and trading, naira receipts are part of your business income and are recorded at their pound value.
Sources
- TheCable: CBN FX Manual 2026, key provisions (3 Jun 2026) · accessed Oct 2026
- TheNigeriaLawyer: CBN grants domiciliary account holders unrestricted access to dollar balances (2 Jun 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.