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
A Nigerian startup can pay you dollars from its domiciliary account; under the CBN FX Manual 2026 a domiciliary holder can send up to $10,000 a day without full trade documents, according to Pavestones Legal and TheCable. As an autónomo you then record the income in euros in your books and in Modelo 130, and the service is not subject to Spanish IVA when the client is a business outside the EU, per the Agencia Tributaria.
Nigerian startups often price contracts in US dollars, especially those raising from foreign investors. For an autónomo in Spain that is convenient until you have to file: Hacienda works in euros, your Spanish bank may convert the dollars on arrival, and the client may withhold Nigerian tax. This guide follows one payment from Lagos to your books.
How the startup sends the dollars
Nigeria's Central Bank published a fourth edition of its Foreign Exchange Manual, effective 1 June 2026. Pavestones Legal's summary on Mondaq says Form A is no longer needed for outward remittances from self-funded domiciliary accounts, allowing direct transfers up to US$10,000 a day without full trade documents. TheCable's 3 June 2026 report gives the same daily figure for domiciliary holders.
- Within the daily figure: a startup holding dollars in its own domiciliary account can usually instruct a SWIFT transfer to you with the invoice as support.
- Larger or naira-funded payments: buying dollars to pay a foreign service provider is a different route. Stanbic IBTC's list of approved documents for contract service fees includes Form A, the service agreement, a confirmation of the fee, the invoice and evidence of tax paid on the amount remitted. Expect your client to ask for a signed contract and a clear invoice.
- Through a payment platform: some startups pay contractors through platforms that collect in Nigeria and pay out abroad. Check what currency arrives and who carries the fee.
Where the dollars land
You have three practical choices, and the choice decides who converts and when.
| Where the payment goes | Who converts | What to watch |
|---|---|---|
| Your Spanish euro IBAN | Your Spanish bank, on arrival, at its rate | Incoming international transfer fee and the bank's margin; check its tariff |
| A dollar account you hold | You, when you choose | You carry the exchange-rate risk until you convert |
| A Nigerian domiciliary account in your name | You, later | A second transfer to Spain, with its own charges |
Ask the startup to send dollars, not to convert to euros in Nigeria, unless you have compared both rates: a conversion on each side means two margins.
Withholding tax before you are paid
If the payer is a Nigerian company it will probably deduct withholding tax. PwC's Nigeria table (reviewed 29 May 2026) lists 10% for professional, consultancy, technical and management fees paid to non-residents. Invoice the gross amount, show the deduction, and ask for the WHT receipt. The treaty position is covered in will my Nigerian client deduct withholding tax?
Recording the income in euros
Your IRPF books and your quarterly Modelo 130 are kept in euros. The Agencia Tributaria's Modelo 130 instructions (updated 11 September 2026) apply 20% to cumulative net income from the start of the year, less earlier payments and withholdings. So each dollar invoice needs a euro value.
- Pick a method and keep it: we did not find, on the AEAT pages we opened, a published rule naming the rate to use. Many gestores use an official reference rate on the invoice date. Agree a method with yours and apply it consistently.
- Keep the evidence: the invoice, the rate source and date, the bank credit, and the WHT receipt.
- Later conversion: if you hold the dollars and convert weeks later at a different rate, the difference may need recording separately. Ask your gestor how to treat it.
Worked example
| Step (example figures) | Amount |
|---|---|
| Invoice to Lagos startup | $3,000 |
| Nigerian WHT at 10% | $300 |
| Received | $2,700 |
| Example rate on invoice date: $1 = €0.90 | Gross income recorded €2,700 |
| Of which WHT (foreign tax) | €270 |
| Net cash received in euros at the same example rate | €2,430 |
Income is recorded gross (€2,700); the €270 of Nigerian tax is not a Spanish retención. How foreign tax is credited is covered in reclaiming Nigerian withholding tax from Spain.
What to put in the contract
- The currency of the fee (USD) and whether it is gross of Nigerian withholding tax.
- Who pays sending and intermediary bank charges; ask for charges to be paid by the sender if you want the full amount.
- Your bank details exactly as the bank holds them, including the BIC/SWIFT code.
- A due date, and what happens if the payment arrives short.
IVA on the invoice
The Agencia Tributaria's page on services in foreign trade (updated 13 October 2026) says services between businesses are generally taxed where the recipient is established, and a service from a Spanish provider to a business established outside the EU is "no sujeta al IVA español". You can still deduct input IVA on costs used for that activity. Note on the invoice that the operation is not subject to Spanish IVA; the details are in IVA on services to a Nigerian client.
Where Pryme fits
A Pryme Business Account holds USD, EUR, GBP and NGN with local account details for each, and money stays in the currency it arrived in. When you want euros, Swap shows the rate and the fee before you approve. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
Can a Nigerian startup legally pay me in dollars?
Yes. A startup with dollars in its own domiciliary account can send them abroad; the CBN FX Manual 2026 allows up to $10,000 a day without full trade documents, according to Pavestones Legal and TheCable.
Do I charge IVA to a Nigerian startup?
No, where the client is a business established outside the EU: the Agencia Tributaria says such a service is not subject to Spanish IVA.
Which exchange rate do I use for Hacienda?
We found no AEAT page naming one. Agree a consistent, documented method with your gestor, such as an official reference rate on the invoice date.
Is Nigerian WHT the same as a Spanish retención?
No. Spanish retenciones are applied by Spanish payers. Nigerian WHT is foreign tax and is dealt with separately.
Sources
- Mondaq (Pavestones Legal): key regulatory update, the CBN Foreign Exchange Manual 2026 · accessed Oct 2026
- TheCable: what to know about the CBN Foreign Exchange Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Stanbic IBTC: approved documents for invisible FX transactions · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate withholding taxes (reviewed 29 May 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 130, instrucciones (updated 11 Sep 2026) · accessed Oct 2026
- Agencia Tributaria: IVA en prestaciones de servicios, comercio exterior (updated 13 Oct 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.