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
You can accept naira if you have a Nigerian naira account in your own name, or an account that gives you naira details, and then convert to euro when you choose. Agree in writing how the naira amount is set, because the exchange rate moves. For Irish tax, record the euro value of the income with a consistent method; the currency does not change the VAT or income tax position.
Why clients ask
For many Nigerian businesses, paying naira is easy and paying euro is not. Buying foreign currency for a transfer abroad needs documentation, takes time, and the client's bank may add its own steps. A client who offers naira is often trying to pay you faster, not to cut your fee. The question is how you receive it and who bears the exchange rate.
Your options
| Route | How it works | Points to weigh |
|---|---|---|
| Your existing Nigerian bank account | Client pays naira to your NUBAN; you convert later | Account must be active and in your name; converting and sending to Ireland is a separate step |
| A multicurrency account with naira details | Client pays naira locally; you hold it and convert when you choose | Check how the rate and fee are shown before conversion |
| Ask the client to buy euro | Client pays euro to your IBAN | Removes rate risk for you; may be slower or impossible for the client |
| Cash on a trip home | Collect naira in person | Hard to evidence; foreign currency and instruments above $10,000 must be declared on leaving or entering Nigeria, as Customs reiterated in July 2025 |
Avoid having the client pay a relative's account. It weakens your record that the income is yours, and complicates any withholding tax credit note, which should be in your name.
Setting the naira amount
The rate is the main risk. Pick one approach and write it in the contract or on the invoice:
- Price in naira. The client pays a fixed naira sum. You bear the risk that the naira weakens before you convert. Price for that.
- Price in euro, pay in naira. The invoice states a euro amount and the rate source and date used to convert it, for example the rate on the payment date from a named public source.
- Agree a rate on the invoice date, valid for a set number of days; after that, the amount is recalculated.
Example. Uche invoices €2,000 to an Abuja client, payable in naira at the rate on the payment date. If the rate used is ₦1,700 per euro (an illustrative figure, not today's rate), the client pays ₦3,400,000. If Uche converts a month later at ₦1,750 per euro, she gets about €1,943, before any conversion fee: the €57 difference is her exchange-rate cost. If the naira strengthens instead, she gains. Never treat a rate from an article as current; check the rate where you convert on the day.
Withholding tax still applies
Paying in naira does not change withholding tax. PwC's Nigeria summary (reviewed 29 May 2026) lists 10% WHT on professional and consultancy fees to non-resident companies. Ask for the tax credit certificate in your name. See recovering Nigerian withholding tax.
The Irish side
- VAT. Currency does not move the place of supply. Under Revenue's general rule, services to a business customer are supplied where the customer is established, so no Irish VAT on a Nigerian company. See Irish VAT and Nigerian clients.
- Income tax. Record the fee in euro when earned, with a consistent rate method. A later conversion at a different rate gives a currency gain or loss, which your accountant can treat. See naira rates in Irish accounts.
- Records. Keep the invoice, the client's payment advice, the WHT certificate, and the conversion statement together.
What to check first
- Do you have a naira account in your own name that you can operate from Ireland?
- Is the rate method written down?
- Will the client give you a WHT certificate?
- Do you know how you will convert, and what it costs?
A sample payment clause
"Fees are stated in euro. The Client may pay the naira equivalent, calculated at [named public rate source] on the date of payment, into the Supplier's naira account set out on the invoice. Any Nigerian withholding tax deducted will be evidenced by a tax credit certificate in the Supplier's name within 30 days of payment."
The clause fixes three things at once: which rate, which account and what paperwork follows. Most disputes over naira payments are about one of those three.
When converting
Before you convert a naira balance, compare the rate offered with the mid-market rate and note the fee, because the gap between them is the real cost. Converting in a few smaller amounts spreads timing risk; converting all at once gives a single, simple record. Whichever you choose, keep the conversion statement with the invoice. See converting naira to euro from Ireland.
Where Pryme fits
A Pryme Business Account holds naira and euro with local account details for each, so a Nigerian client can pay naira locally and the money stays in naira until you convert with Swap. The rate is shown first, the fee on its own line, and nothing converts until you approve. Naira deposits are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. See business multicurrency.
Questions people ask
Can a Nigerian client pay me in naira if I live in Ireland?
Yes, into a naira account in your name. You then convert to euro when you choose, at the rate available then.
Who bears the exchange-rate risk?
Whoever the contract says. If you price in naira, you do; if you price in euro payable in naira at the payment-date rate, the client bears most of it.
Do I still charge Irish VAT if paid in naira?
The currency does not change the place of supply. Services to a Nigerian business are supplied in Nigeria under Revenue's rule.
How do I record naira income for Irish tax?
In euro, using one consistent rate method, with the invoice, payment advice and conversion statement kept together.
Sources
- PwC Worldwide Tax Summaries: Nigeria, corporate withholding taxes (reviewed 29 May 2026) · accessed Oct 2026
- Revenue: General place of supply rules for services (published 10 Aug 2026) · accessed Oct 2026
- Peoples Gazette: Customs sensitises airport stakeholders on currency declaration (Jul 2025) · 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.