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The short answer
Before moving back, sort five things: which foreign accounts and cards to keep (at least one, for pensions and refunds); your workplace and state pensions; your exit with the local tax authority; your residence status abroad, which can lapse; and how and when you move money into naira. Also note that from your first year back you are likely to be tax resident in Nigeria, which taxes residents on worldwide income.
Returning home after years abroad is as much a financial move as a physical one. Many returnees discover the gaps only later: a pension provider that cannot pay to a Nigerian account, a closed UK bank account that blocks a tax refund, a residence permit that lapsed while they were deciding whether to stay. This checklist runs through the money decisions to make in the months before you fly.
1. Bank accounts and cards abroad
Close too much and you lose a way to receive money; keep too much and you pay fees on accounts you do not use. A practical middle path:
- Keep one current account abroad for pension payments, tax refunds, deposit returns and subscriptions you cannot cancel yet. Ask the bank whether it allows customers living outside the country; some do not.
- Update your address with the bank once you have one in Nigeria, or it may restrict the account.
- Pay off and close credit cards you will not use. A balance left behind will grow and may end in a default on your record there.
- Joint accounts: agree with the other holder who keeps the account. Monzo, for example, says money in its joint accounts is legally split equally, and the account creates a financial association on both credit files until you end it.
- Cancel direct debits and standing orders, keeping a list of anything due later (council tax, final utility bills).
See closing accounts when you leave a country.
2. Pensions
Workplace pensions abroad usually stay invested until retirement age; you rarely lose them by leaving. What you need is the paperwork: provider names, policy numbers, online logins, and a forwarding address and email. For state pensions, record your contribution history. Some countries refund contributions to departing workers; others do not. See workplace pensions when moving back. On the Nigerian side, if you take a job at home your employer will enrol you in a Retirement Savings Account; see how the RSA pension system works.
3. Tax exit abroad
Tell the tax authority you are leaving, so your final year is taxed correctly and any refund reaches you. In the UK, GOV.UK guidance mentions form P85 for people leaving to work abroad who want relief to be applied; other countries have their own departure returns. Keep your final payslip or year-end tax form; Nigerian employers or banks may ask for evidence of income earned abroad. Information only, not advice: get help from a tax adviser if you have property, investments or a business abroad.
4. Tax residence in Nigeria
PwC's Nigeria tax summary (reviewed May 2026) lists the tests: you are resident if you are domiciled in Nigeria, have a permanent home available there, have your habitual abode there, spend at least 183 days there in a 12-month period, or have substantial economic or immediate family ties there. A resident's income is taxed in Nigeria wherever it arises. If you will keep earning from abroad (rent, consulting, a pension), plan for that now.
5. Residence status abroad
Leaving can cost you the right to return. GOV.UK says indefinite leave to remain is lost after two continuous years outside the UK (five years for settled status under the EU Settlement Scheme), and the Returning Resident visa that may restore it requires strong ties and costs £726. Other countries have similar rules for permanent residents. If there is any chance you will go back, check the rule before you leave.
6. Moving money into naira
Decide what to convert, when, and what to keep in foreign currency. The CBN's 2026 foreign exchange manual, as reported by TheCable, allows domiciliary account holders to transfer up to $10,000 a day and does not require source-of-funds disclosure when depositing into a domiciliary account. If you carry cash, declare more than $10,000 on arrival, as CBN guidelines reported by TheNigeriaLawyer require. Many returnees keep a foreign-currency buffer for school fees, travel and emergencies rather than converting everything on day one. See naira or dollars for savings.
Worked example
Example only: Bola is returning from London with £30,000 in savings. She keeps £8,000 in pounds for her children's exam fees and a return flight, converts £10,000 to naira for her first six months of rent and running costs, and leaves £12,000 in pounds to convert in stages. £8,000 + £10,000 + £12,000 = £30,000. Converting in stages means she is not betting the whole sum on one day's rate.
7. Shipping and customs
Used personal effects may come in duty-free if you have lived abroad long enough; vehicles do not. See customs rules for returnees' personal effects.
Checklist
- Choose the one or two foreign accounts you will keep, and update their address.
- Close unused credit cards with a zero balance.
- Gather pension details and set up online access.
- File your departure with the tax authority abroad.
- Check how long you can be away before your residence status lapses.
- Plan your naira conversion and keep a foreign-currency buffer.
- Make sure your BVN, NIN and Nigerian phone number are active.
Where Pryme fits
A Pryme Personal Account can be opened before you move and holds NGN, USD, GBP and EUR with local account details for each, so a UK pension or a refund can still arrive in pounds after you are home. Swap converts only when you choose, with the rate shown first. See multicurrency accounts.
Questions people ask
Should I close my UK bank account when moving back to Nigeria?
Many returnees keep one account for pensions and refunds. Check that the bank allows non-resident customers.
Will I pay tax in Nigeria on my foreign income after I return?
If you are Nigerian tax resident, Nigeria taxes income wherever it arises, subject to treaty relief. Check with an adviser.
Do I lose my UK indefinite leave to remain if I move back?
GOV.UK says ILR is lost after two continuous years outside the UK.
How much cash can I bring into Nigeria?
CBN guidelines as reported in 2026 require declaration of foreign currency above $10,000 on entry.
Sources
- PwC Worldwide Tax Summaries: Nigeria individual residence · accessed Oct 2026
- GOV.UK: Returning Resident visa · accessed Oct 2026
- GOV.UK: Paying employees working abroad · accessed Oct 2026
- TheCable: CBN FX Manual 2026 · accessed Oct 2026
- TheNigeriaLawyer: new FX guidelines on cash · accessed Oct 2026
- Monzo: Joint account · 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.