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The short answer
You can receive money from abroad as naira paid into a Nigerian account through a remittance provider, as foreign currency into a domiciliary account by SWIFT, or as foreign currency into a multicurrency account using local details in the sender's country. Choose by whether you want naira now or want to keep the foreign currency, and by what the sender pays.
The three main routes
| Route | You receive | Who sets the rate | Good for |
|---|---|---|---|
| Remittance provider to your naira account | Naira | The provider, at the time of sending | Family support you will spend in naira |
| SWIFT transfer to a domiciliary account | Foreign currency | No conversion unless you convert later | Larger sums, bank-to-bank |
| Local details in a multicurrency account | Foreign currency | No conversion unless you choose | Regular income, multiple currencies |
Remittances paid out in Nigeria follow CBN rules; our explainer on CBN rules on remittances covers how payout works. Under the Foreign Exchange Manual in force from 1 June 2026, inbound remittances are paid to beneficiaries in naira or another currency the CBN specifies.
Step by step: receiving into your own foreign currency account
- Decide the currency. Ask the sender to pay in the currency they hold. If your cousin earns pounds, receive pounds; converting on their side and again on yours costs twice.
- Send the right details. Copy the details for that currency from your account, including your exact account name. Our guide to account details for USD, GBP and EUR lists them.
- Ask the sender to use local details if you have them. A domestic payment in the sender's country usually costs less than an international wire.
- Agree a reference. A short reference such as "School fees Term 1" helps you and any compliance check.
- Confirm arrival. Check the amount that landed against what was sent. If it is short, ask the sender for their transfer confirmation showing any fees deducted.
- Convert only what you need. Keep the rest in the foreign currency if you will spend it in that currency later.
How long it takes
- Local payments inside the sender's country to an account with local details: often the same day, sometimes minutes.
- SWIFT transfers: commonly one to several working days, longer if an intermediary bank is involved or a check is raised.
- Remittance provider to naira account: depends on the provider; many pay out quickly once the sender's payment clears.
- Weekends and public holidays in either country can add a day or more, because some payment systems only settle on working days.
If a payment is late, our guide to delayed or returned foreign transfers covers the usual causes.
Worked example: monthly support from the UK
Example only; rates and fees are invented. Emeka in Birmingham sends his mother in Enugu £300 a month.
- Option A, remittance to naira. He pays £300 plus the provider's fee, and the provider converts at its rate. His mother gets naira in her account. Simple, but the rate is fixed at the moment he sends.
- Option B, pounds into her multicurrency account. He pays £300 by UK bank transfer to her local pound details. She receives £300 and converts £200 straight away at, say, ₦2,000 per pound, seeing the fee before approving, which gives her about ₦400,000 less the fee. She keeps £100 in pounds for a future expense.
Option B gives her control over timing. Option A suits someone who wants naira and no decisions. Both are legal; the right one depends on the person. Whichever route they pick, it helps to agree it once and keep it the same each month, so both sides know what to expect, what it costs and when the money should land. A change of route mid-year is a common reason for confusion over amounts.
Checks you may be asked about
Banks and providers must know their customers and watch for unusual payments. That is normal, and it is easier when you are ready.
- Identity: a valid ID and, for Nigerians, a BVN or, for Nigerians abroad, the Non-Resident BVN. See NRBVN explained.
- Purpose: a short explanation such as family support, salary, freelance fees or school fees.
- Relationship: for family support, who the sender is to you.
- Evidence for larger sums: an invoice, contract, payslip or sale agreement.
Answering quickly usually releases a held payment. Ignoring a request is the most common reason money sits in limbo.
Keeping it safe and clean
- Receive into an account in your own name. Avoid letting strangers route payments through your account; it can get the account frozen.
- Keep records of who paid you and why. A clear history makes later checks quick.
- Be wary of anyone who asks you to receive money and forward it on. This is a common money-mule set-up.
Where Pryme fits
Pryme gives you USD, GBP and EUR local account details alongside a naira account, all in one Personal Account that can be opened from any country. Money stays in the currency it arrived in, and Swap converts when you choose: rate first, fee on its own line, your approval. You can then send naira or pay bills from the same app. Naira deposits are held by Solid Allianze Microfinance Bank Ltd, licensed by the CBN and NDIC-insured up to the applicable limit. See multicurrency.
Questions people ask
How can I receive dollars from abroad in Nigeria?
Give the sender the US dollar details of a domiciliary or multicurrency account in your name. With local US details they can pay as a domestic US transfer; otherwise they send a SWIFT wire.
Can my family abroad send money straight to my naira account?
Yes, through a remittance provider or bank that pays out in Nigeria. The money arrives as naira at the provider's rate.
How long does it take to receive money from the UK in Nigeria?
It depends on the route. A UK bank transfer to local pound details can arrive the same day; a SWIFT transfer often takes one to several working days.
What do I tell my bank when money arrives from abroad?
Say who sent it and why, for example family support from a sibling or payment for a design project. For larger sums, keep supporting documents such as an invoice or letter ready.
Sources
- Mondaq: Key regulatory update in Nigeria, the CBN Foreign Exchange Manual 2026 · accessed Oct 2026
- CBN: Foreign Exchange Manual, 4th Edition (2026) · accessed Oct 2026
- BusinessDay: CBN scraps pandemic-era dollar account curbs · 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.