In June 2026, the CBN's revised Foreign Exchange Manual confirmed unrestricted access to funds in ordinary domiciliary accounts. Yet a Nigerian business does not need one to get paid in dollars. USD account details from a licensed provider let overseas clients pay you locally, and you hold the dollars until you choose to convert. Below, we compare the main routes and explain when a domiciliary account still makes sense.
Can a Nigerian business receive dollars without a domiciliary account?
Yes. A domiciliary account is one way to hold foreign currency through a Nigerian bank, but it is not the only one. A Nigerian-registered company can also receive US dollars into USD account details issued by a licensed payments provider.
With Verto, those details come through Local Accounts. A client in the US pays you as it would pay any American supplier, and the dollars land in your USD balance.
The difference is where the money sits and how your payer sends it. That changes speed, cost and how easily you can use the funds.
What are your options for holding dollars?
Most Nigerian businesses that earn in dollars choose between four routes. Each suits a different kind of business:
Option | What you usually need | How overseas clients pay you | Using the funds |
|---|---|---|---|
Ordinary domiciliary account (Nigerian bank) | An existing relationship with the bank and its account-opening checks | International wire | Access for eligible transactions; banks report the purpose of transfers |
Export proceeds domiciliary account | Export documentation | International wire | Access tied to documented eligible transactions; no cash withdrawals under the 2026 rules |
Account with a bank abroad | Often a foreign entity or extensive non-resident checks | Domestic transfer in that country | Depends on the bank and your structure |
USD account details from a licensed provider | Online business verification | Domestic US transfer (ACH) | Hold, convert to naira or pay suppliers in USD |
The export proceeds rules follow reporting on the CBN's 2026 Foreign Exchange Manual, which tightened documentation for export earnings. This is a general comparison, not legal or tax advice.
When does a domiciliary account still make sense?
A domiciliary account can be the right home for dollars you already hold in Nigeria, or for businesses whose bank handles their trade finance. If your relationship bank offers letters of credit or credit lines, keeping some dollars there can make sense.
The pain usually starts at the point of receiving. International wires pass through intermediary banks, arrive slowly and can land short. Overseas clients may also hesitate over sending an international payment to a Nigerian bank, which delays your invoices.
Your choice also depends on who pays you. A US client used to paying suppliers by ACH will usually pay faster into US details than into a Nigerian bank by wire. A client that already wires money internationally every week may not mind either way.
Many businesses therefore use both. They collect dollars through local USD details, then move funds to a domiciliary account only when they need them for a specific bank product.
How do USD account details work for a Nigerian company?
Once your Verto account is approved, you request USD details and add them to your invoices. Your US client pays over ACH, the American domestic bank network, so there is no international wire on their side.
The dollars arrive in your USD balance in Verto's Multi-currency Wallets. From there you have three choices:
Hold. Keep the dollars for future USD costs, such as software, freight or overseas staff.
Convert. Use Exchange Now to convert to naira at a live rate, 24/7, when the rate suits you. Naira can then be paid out to Nigerian bank accounts over the NIBSS Instant Payment network.
Pay out. Send USD to suppliers abroad, or pay other businesses on Verto through VPay, which is free between Verto businesses.
You can also receive GBP or EUR the same way if you invoice clients in the UK or Europe.
What does it cost?
Verto's Nigeria plans apply to companies registered in Nigeria: Free at $0 a month, Lite at $15 and Emerging at $35, with Enterprise priced on request. See Verto's Nigeria pricing for the latest figures.
International collections on the Free plan cost 0.5%, with lower tiered rates on paid plans. FX conversions are priced by currency band, up to 2% for exotic currencies depending on plan. Sending an international SWIFT payment from a Nigerian plan costs USD 25.
Compare that with what reaches you today. If an international wire lands short after intermediary deductions, the real cost of your current route is higher than any listed fee.
Is it regulated?
Verto has licenses and approvals in eight countries including the UK, USA, and Nigeria. You can read more about our regulatory coverage on our Licenses Page.
Verto has served Nigerian businesses for years and runs dedicated coverage for Nigeria. If you work with overseas clients as a consultant, our guide for Nigerian consultants covers the day-to-day side.
What will you need to apply?
Opening a business account is done online. Expect to provide your company's registration documents and details of its directors and owners.
Approval times vary with how quickly documents are supplied. Once approved, you can request USD details and start sharing them with clients.
Every short-landed wire is money your business earned and never received. Hold dollars in balances you control and convert only when it suits you.
Get started or speak to Verto sales to see what it would save your business.
Get a dollar account for your Nigerian business with Verto
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