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
A Nigerian client with dollars in a domiciliary account can wire them to your US account by SWIFT; under the CBN's FX Manual in force from 1 June 2026, Form A is no longer required for outward remittances funded from the holder's own dom balance and reports describe direct transfers of up to $10,000 a day without exhaustive documents. Expect the client's bank to ask for your invoice and contract, expect withholding tax to come off the fee, and expect intermediary bank charges unless agreed otherwise.
Many Nigerian companies keep dollars in a domiciliary (dom) account, from export earnings, foreign customers or dollars bought earlier. Paying a US freelancer from that balance is usually simpler than buying dollars for the purpose. Here is what happens on each side, what the CBN's new FX Manual changed in 2026, and what you can do to make the payment arrive whole. This is information, not legal advice.
What changed in 2026
The CBN's foreign exchange manual, 4th edition, took effect on 1 June 2026. As summarised by Pavestones Legal on Mondaq (24 June 2026) and TheCable (3 June 2026):
- Form A was removed for outward remittances from self-funded domiciliary accounts.
- Direct telegraphic transfers of up to US$10,000 a day from dom accounts can go without exhaustive supporting documents. Commentators describe the $10,000 figure differently, so the client should ask its bank how the limit applies to it.
- No source-of-funds disclosure is needed to open or fund a dom account.
- Nigerian entities are generally required to price and settle in naira, with sector exemptions. Paying a foreign supplier for a service from a dom account is a different matter from pricing local sales, but the client's bank will apply the manual as it reads it.
In practice, small and medium fees from a dom account should need less paperwork than before. Larger payments, or payments from export proceeds accounts, will still be documented.
What the client's bank is likely to ask for
- Your invoice, in the client's name, with your bank details.
- The contract or purchase order for the service.
- Your full name and address as on your US bank account, the bank's name and address, routing or SWIFT code and account number.
- Evidence the client has deducted and will remit withholding tax, where it applies.
If your name on the invoice differs from the account name, the bank may stop the transfer. Use one name everywhere.
Withholding tax comes off first
PwC's highlights of Nigeria's 2024 deduction at source regulations list 10% for non-residents on consultancy, technical, management and professional fees, as a final tax. On a $5,000 fee the client would pay you $4,500 and remit $500 to the Nigerian tax authority. Ask for the receipt; you may be able to claim it as a foreign tax credit on your US return. See claiming Nigerian WHT as a foreign tax credit.
Charges and how much arrives
A SWIFT payment can pass through one or more correspondent banks before it reaches yours. The Nigerian bank charges the sender; intermediaries may take a fee from the amount in transit; your US bank may charge for incoming international wires. Agree in the contract who bears charges, and ask the client to instruct its bank accordingly.
Worked example (illustration only)
- Invoice
- $5,000, gross
- Withholding tax at 10%
- $500 remitted in Nigeria
- Sent from the dom account
- $4,500
- Intermediary deduction (example)
- $25
- Your bank's incoming wire fee (example)
- $15
- You receive
- $4,460; your records show $5,000 income, $500 foreign tax and $40 bank charges
Tracking a wire that has not arrived
Every SWIFT payment of the main types carries a 36-character Unique End-to-end Transaction Reference (UETR), which Swift says any party in the chain can use to locate the payment. If a wire is late, ask the client for the UETR and the bank's transfer advice, and give both to your bank. Delays are often about details: a missing intermediary, a name mismatch, or a compliance query on either side.
What to check first
- Your US account accepts incoming international wires in USD, and you have its exact SWIFT and account details.
- The client is paying from a dom account it funds itself, not an export proceeds account with its own rules.
- The invoice and account name match exactly.
- The contract says whether fees are gross of withholding tax and who pays bank charges.
- You will receive the UETR or bank advice once the client pays.
If the client holds naira rather than dollars, the options differ; see getting paid in naira by a Nigerian client. For the Nigerian account side see business domiciliary accounts in Nigeria.
How you record it on the US side
The full invoice amount is your income, not the amount that arrived. Record the withholding tax as a possible foreign tax credit and the bank charges as business expenses, each with its document. If the dollars land in a US account, there is no conversion to make. If you asked the client to pay a Nigerian dom account in your name instead, that account may count towards the FBAR threshold; see FBAR for Nigerian bank accounts. Keep the client's transfer advice with the invoice: it is the cleanest proof of the date you were paid.
Where Pryme fits
A Pryme Business Account, which can be opened from the US, has its own USD account details as well as naira, so a Nigerian client can pay dollars or naira and the money stays in the currency it arrived in. When you want to convert, Swap shows the rate and the fee before you approve.
Questions people ask
Does my Nigerian client still need Form A to pay me?
Not for outward remittances funded from its own domiciliary balance, according to summaries of the CBN FX Manual effective 1 June 2026. Its bank may still ask for an invoice and contract.
Why did I receive less than my invoice?
Usually Nigerian withholding tax, intermediary bank charges, your bank's incoming wire fee, or a mix. Ask for the withholding receipt and the bank advice.
Is there a limit on dom account transfers?
Summaries of the 2026 manual describe up to $10,000 a day by direct transfer without exhaustive documents. The client should confirm with its bank how it applies.
How do I trace a wire from Nigeria?
Ask the client for the 36-character UETR and the transfer advice, and give them to your bank.
Sources
- Mondaq (Pavestones Legal): The CBN foreign exchange manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheCable: CBN's 2026 foreign exchange manual (3 Jun 2026) · accessed Oct 2026
- PwC Nigeria: Highlights of the Deduction of Tax at Source (Withholding) Regulations 2024 · accessed Oct 2026
- Swift: What is a UETR? · 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.