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The short answer
A Nigerian client normally sends dollars by SWIFT from its domiciliary account, often through a US correspondent bank that may take a fee on the way. If your Australian account is in AUD, your bank converts the dollars on arrival at its own rate; a foreign currency account, where your bank offers one, lets you hold the USD and choose when to convert. For tax, the ATO wants the income in AUD using its translation rules or an average rate it publishes.
USD is the currency many Nigerian companies find easiest to pay abroad, and many Australian freelancers prefer it to naira. The payment still has to travel from a Nigerian bank to yours, convert at some point, and be recorded in AUD. This article walks through each stage and the questions to ask your own bank, whose fees and rates we have not quoted because they vary by bank and change.
How the dollars leave Nigeria
The client pays from a domiciliary (foreign currency) account at its Nigerian bank. Under the CBN's 2026 FX Manual:
- TheCable reported on 3 June 2026 that domiciliary account holders may make telegraphic transfers of up to $10,000 a day. TheNigeriaLawyer described the $10,000 figure differently, so a client paying more than that in one go should check with its bank.
- Pavestones Legal, on Mondaq on 24 June 2026, says Form A is no longer required for outward remittances from self-funded domiciliary accounts.
- If the client has naira but no dollars, it has to buy them through its bank first, which is the usual cause of delay.
For the Nigeria-side paperwork, see Form A and Form M explained.
The details to give the client
- Account name
- Exactly as your bank holds it
- BSB and account number, or IBAN-style details
- Whatever your bank specifies for inbound international payments
- SWIFT/BIC
- Your Australian bank's code
- Bank name and address
- As your bank's international payments page gives it
- Intermediary bank
- Only if your bank tells you to use one for USD
- Reference
- Your invoice number
Ask your bank's international payments page or help line which details it wants for incoming USD. Getting the name or SWIFT code wrong can send the payment back, less charges.
Convert on arrival or hold USD
| AUD account | Foreign currency account in USD | |
|---|---|---|
| What happens on arrival | Bank converts at its rate that day | Dollars are held as dollars |
| Cost | The bank's exchange margin plus any inbound fee | Any inbound fee; conversion cost later |
| Control | None over timing | You choose when to convert |
| Tax | Income valued in AUD under the ATO's rules either way | Same |
The cost of conversion is the gap between the rate you get and the mid-market rate, plus any fixed fee. Ask your bank for both before your first invoice.
If less arrives than you invoiced
- Check whether the client deducted Nigerian withholding tax; PwC's summary of the 2024 regulations gives 10% for non-residents' professional and consultancy fees. Ask for the receipt.
- Check for sending or intermediary charges. Agree in the contract who pays them.
- Check your bank's inbound fee and the conversion rate applied.
- Record the gross invoice as income and the charges as expenses, if deductible.
Making it easy for the client to pay
Put the full payment instructions on the invoice itself, not in a separate email. Nigerian banks process outward payments against documents, and an invoice that names the services, the contract, the amount in USD and your account details helps the client's bank. If the client's bank asks for a purpose description, "payment for professional services" with the invoice number is clearer than a vague reference. Agree in the contract who pays sending and intermediary charges; "all charges for the payer's account" is a common way to say the client covers them, but confirm the client's bank can send on that basis.
Recording it for the ATO
The ATO's page for Australian residents (last updated 15 June 2026) says all foreign income must be converted to Australian dollars, using the rates its translation rules set or an average rate based on the daily and monthly rates it publishes monthly. If your bank converted on arrival, the AUD credited is not automatically the figure for your return; use the method you have chosen and apply it to every payment. Keep the invoice, the bank's credit advice showing the USD received and any conversion, and any withholding tax receipt.
Example only, rates invented. You invoice US$3,000. The client's bank and an intermediary take US$40, so US$2,960 arrives and your bank converts at 1 USD = A$1.48, crediting A$4,380.80. Your income is the US$3,000 invoice valued under the ATO method you use; the US$40 of charges is a cost to consider as an expense.
Where Pryme fits
A Pryme Business Account can be opened from Australia and gives you US dollar account details, which some Nigerian clients find simpler to pay. Dollars stay as dollars until you convert with Swap, with the rate and fee shown before you approve; Pryme does not hold AUD, so you send AUD on to your Australian bank. Payments are recorded against invoices in Invoicing. See also USD accounts for Nigerians in Australia.
Questions people ask
Can a Nigerian company pay USD into my Australian bank account?
Yes, usually by SWIFT from its domiciliary account. Give the client the exact details your bank lists for incoming international payments.
Why did less arrive than I invoiced?
Common causes are Nigerian withholding tax, sending or intermediary bank charges, and your bank's inbound fee or conversion.
Is there a limit on what my client can send?
TheCable reported a $10,000-a-day telegraphic transfer figure for domiciliary accounts under the 2026 FX Manual; reports describe it differently, so the client should confirm with its bank.
Which AUD figure goes on my tax return?
The ATO says convert using its translation rules or an average rate based on its published rates, not necessarily the amount your bank credited.
Sources
- TheCable: 7 things to know about CBN's new FX manual (3 Jun 2026) · accessed Oct 2026
- TheNigeriaLawyer: CBN grants domiciliary account holders unrestricted access to dollar balances (2 Jun 2026) · accessed Oct 2026
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- ATO: Australian resident for tax purposes, foreign and worldwide income (last updated 15 Jun 2026) · accessed Oct 2026
- PwC Nigeria: Highlights of the Deduction of Tax at Source (Withholding) Regulations 2024 · 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.