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
Pay a formal exporter in dollars or euros into its export proceeds domiciliary account, which fits Nigeria's NXP and repatriation rules; smaller traders may prefer naira. Before paying, check the company on the CAC public search, confirm the account name matches and verify new bank details by phone. Keep the invoice, shipping documents and payment proof for Spanish customs.
First decide the currency: naira or dollars
A Nigerian supplier selling goods to you in Spain is an exporter under Nigerian rules, and that shapes how it wants to be paid. Nigeria's Trade Information Portal sets out the export procedure: the exporter registers, opens an export proceeds domiciliary account with an authorised dealer bank, completes Form NXP for commercial exports, and repatriates the proceeds through a CBN-approved bank. Pavestones' note on the CBN Foreign Exchange Manual 2026 says non-oil export proceeds must be repatriated within 90 days, and TheNigeriaLawyer reports that cash withdrawals from export proceeds accounts are no longer allowed.
| Option | When it suits | What to watch |
|---|---|---|
| US dollars or euros by international transfer to the supplier's export proceeds account | Formal exports with NXP, larger invoices, shipments through customs | Transfer fee, the bank's FX margin, intermediary bank charges and the OUR/SHA/BEN choice |
| Naira to the supplier's Nigerian account, through a transfer provider | Small traders, market purchases, goods carried or sent informally | The FX margin against the mid-market rate, payout speed, and whether the supplier's paperwork still matches the export |
| Letter of credit or documentary collection through banks | Larger first orders with a new supplier | Bank fees on both sides and strict document matching |
The Trade Information Portal lists letters of credit, bills for collection and open account as payment methods. Open account (you pay by transfer before or after shipment) is cheapest but puts the risk on whoever pays or ships first. A first order with an unknown supplier is where a letter of credit or a staged payment earns its cost; see letters of credit.
How the cost of the transfer works
- Transfer fee: a fixed or percentage charge from your Spanish bank or provider.
- FX margin: the gap between the rate you get and the mid-market rate. On euro-to-naira or euro-to-dollar payments this is often the biggest cost, and it is not always shown as a fee.
- Intermediary charges on SWIFT payments, which can reduce what the supplier receives. With SHA, each side pays its own bank; with OUR, you pay all charges; with BEN, the supplier bears them. Our guide to OUR, SHA and BEN explains the choice.
- Speed and cut-off times, which matter if the supplier releases goods only when funds land.
Compare the amount the supplier will actually receive, not the headline fee.
Check the supplier and its account before paying
- Search the company on the CAC public search (search.cac.gov.ng), which, according to Legit.ng's guide, is free, needs no account and shows the name, RC or BN number, registration type, date and status. An "Inactive" status usually means annual returns are not filed. Our Nigeria-side guide on how to verify a Nigerian company goes further.
- Make sure the account name matches the registered business name, not an individual's name, unless you have agreed that in writing.
- Confirm bank details by phone on a number you already hold. Never act on new bank details sent by email or WhatsApp alone; see supplier bank detail fraud.
- Pay a small first instalment if the relationship is new.
Red flags
- The account is in a personal name that differs from the company on the invoice.
- The supplier refuses to share its RC number or the CAC search shows it as inactive or struck off.
- Bank details change between the proforma and the final invoice.
- Pressure to pay the full amount at once "to secure the price".
- No NXP or export paperwork offered for a container-sized order.
Documents to keep
Your payment records support your Spanish customs value, your accounts and any IVA reclaim, so keep a file for each order.
- Proforma invoice and the final commercial invoice, with matching amounts and currency.
- Packing list, bill of lading or air waybill, and the certificate of origin.
- The supplier's NXP reference and any NAFDAC or quarantine certificates.
- Proof of each payment: bank confirmation with date, amount, rate and fees.
- Your Spanish customs declaration and import IVA payment.
- Correspondence agreeing price, Incoterm and payment terms.
Example (illustrative)
Kemi in Madrid orders shea butter and black soap worth $6,000. She pays 30% ($1,800) when the order is confirmed and 70% ($4,200) when the supplier sends a scan of the bill of lading, both to the supplier's export proceeds account. $1,800 + $4,200 = $6,000. She saves both bank confirmations with the invoice and the bill of lading for her customs agent.
Where Pryme fits
A Pryme Business Account holds euros, dollars and naira, so you can pay in the currency the supplier invoices. The app shows the rate and the fee before you approve, and verifiable receipts give you proof of payment. For many suppliers, bulk payouts save time. Outside Nigeria, Pryme works through regulated partners.
Questions people ask
Should I pay my Nigerian supplier in naira or dollars?
Formal exporters usually want foreign currency into their export proceeds account, because Nigerian rules require export proceeds to come back through approved banks. Small traders may prefer naira.
How do I check a Nigerian supplier is real?
Search its name or RC number on the free CAC public search, check its status, and make sure the bank account is in the company's name.
Who pays the bank charges on a SWIFT payment to Nigeria?
It depends on the option chosen: OUR (you pay all), SHA (shared) or BEN (supplier pays). Agree it with the supplier.
What documents do I need to keep for paying a supplier abroad?
Invoices, shipping documents, the certificate of origin, payment confirmations and your customs declaration for each order.
Sources
- Nigeria Trade Information Portal: Export procedure · accessed Oct 2026
- Mondaq (Pavestones): Key regulatory update in Nigeria – the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheNigeriaLawyer: CBN grants domiciliary account holders unrestricted access, tightens rules on export proceeds (2 Jun 2026) · accessed Oct 2026
- Legit.ng: How to verify a CAC certificate online (11 Sep 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.