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
The usual route is an international (SWIFT) transfer from your Italian business account to the supplier’s own business domiciliary account in Nigeria, quoting its invoice number. Nigerian exporters must link incoming export payments to an electronic Form NXP and bring the money home within a deadline, so pay the business named on the invoice, keep the invoice, contract and transport document with each payment, and confirm bank details by phone.
Paying for goods from Nigeria looks like any other foreign payment from an Italian conto aziendale, but two things on the Nigerian side shape how it should be done: the supplier has to account for your payment to its bank under export rules, and supplier payment fraud is common enough that every change of bank details deserves a phone call. This guide covers the routes, what your bank and the supplier’s bank will want, and how to build a record your commercialista and any auditor can follow.
Why the supplier cares which account you pay
A Nigerian exporter declares each commercial export on the Central Bank of Nigeria’s electronic Form NXP. A Mondaq note by Deloitte records that the e-Form NXP replaced the paper form from 31 October 2019 and is filed on the Trade Monitoring System. The exporter’s bank then matches your payment against that NXP.
The money must also come home on time. Under the CBN FX Manual 2026, effective 1 June 2026, non-oil export proceeds must be credited to the exporter’s domiciliary account within 90 days, according to a Mondaq note by Pavestones. That replaced the 180 days set by a CBN circular of 8 January 2025, explained by Stren & Blan on Mondaq. TheNigeriaLawyer, reporting on the same manual on 2 June 2026, adds that cash withdrawals from export proceeds domiciliary accounts are no longer permitted. Your supplier will therefore ask you to pay its own domiciliary account and to do it within the window.
Payment routes compared
| Route | How it works | Points to weigh |
|---|---|---|
| SWIFT transfer (bonifico estero) | Your Italian bank sends euros or dollars to the supplier’s Nigerian bank | Choose who pays charges (OUR, SHA, BEN); intermediary banks may deduct fees |
| Letter of credit | Your bank promises payment against stated documents | Most protection on documents, highest cost and paperwork |
| Documentary collection | Banks exchange shipping documents for payment or acceptance | Cheaper than an LC, no bank promise to pay |
| Payment through a licensed money transfer or payments firm | Provider pays out in Nigeria | Check that business payments are allowed and the payout goes to a business account |
Which currency to send matters. If you send euros and the supplier’s account is in dollars, someone converts, and the rate used decides what the supplier receives. Agree the currency of the invoice and the account it will land in before the first payment. Our guide to OUR, SHA and BEN charges explains why a supplier sometimes receives less than you sent.
Documents to have ready for your bank
Italian banks apply anti-money-laundering checks to foreign payments and may ask what a payment is for, especially a first payment to a new Nigerian counterparty. Have these ready before you instruct the transfer:
- the supplier’s commercial or proforma invoice, with its legal name, address and bank details;
- the purchase order or contract showing goods, quantities, price and Incoterm;
- the bill of lading or air waybill, once the goods have shipped;
- for a first payment, evidence the supplier exists, such as its CAC registration details;
- your customs import declaration, once the goods are cleared in Italy.
Building an audit trail
An auditor or the Agenzia delle Entrate should be able to follow each euro from invoice to goods. A simple file per order does it:
- Purchase order and supplier invoice, numbered.
- Payment confirmation from your bank with the SWIFT reference, showing the invoice number in the narrative.
- Supplier’s acknowledgement of receipt.
- Transport document and the Italian customs declaration.
- Your booking entry and the exchange rate used.
Ask your commercialista how long to keep these records under Italian rules. For matching payments to entries, see an audit trail for payments to Nigeria.
Stopping payment fraud
The most expensive mistake is paying a fraudster who has taken over an email thread and sent “new” bank details. Confirm any change by calling a number you already hold, not one in the email. Be wary of a request to pay a personal account, a different company, or an account outside Nigeria: it does not fit the NXP process. Our supplier due diligence guide sets out checks before the first order.
A worked example
Example only: a Bologna importer orders €12,000 of dried goods on terms of 30% before shipment and 70% against a copy of the bill of lading. It pays €3,600 on 2 March with the invoice number in the narrative, and €8,400 on 20 March when the bill of lading arrives. Both payments reach the supplier well inside the 90-day repatriation window, and each sits in the order file beside the document that triggered it.
Where Pryme fits
A Pryme Business Account holds euros, dollars and naira with local details for each, so you can pay a Lagos supplier in the currency agreed and convert with Swap only when you decide. The rate and the fee are shown before you approve, and the Finance agent can prepare the payment and match it to the invoice for a person to approve. Outside Nigeria, Pryme’s activities run through regulated partners.
Questions people ask
Can I pay my Nigerian supplier’s personal account?
It is not advisable. Export proceeds are expected in the exporter’s domiciliary account so its bank can match them to the Form NXP, and requests to pay personal accounts are a common fraud pattern.
How long does a Nigerian exporter have to receive payment?
90 days for non-oil exports under the CBN FX Manual 2026, effective 1 June 2026. The 180 days in a January 2025 CBN circular no longer applies.
What documents will my Italian bank ask for?
Typically the invoice, the contract or purchase order and, after shipment, the transport document. A first payment to a new counterparty may draw extra questions.
Should I pay in euros or dollars?
Agree it with the supplier before the first payment. The currency of the invoice and of the receiving account decides who converts and at what rate.
Sources
- Mondaq (Deloitte): CBN automates the export process with the e-Form NXP (14 Nov 2019) · accessed Oct 2026
- Mondaq (Stren & Blan): CBN suspension of time extension for repatriation of export proceeds (7 Feb 2025) · accessed Oct 2026
- Mondaq (Pavestones): Key regulatory update, 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
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.