Money from abroad.
WHY IT IS DIFFICULT
Regulatory controls, correspondent banking constraints, and limited access to some international providers.
WHAT ROUTES TYPICALLY EXIST
A domiciliary account with a local bank International payment providers serving Nigerian businesses Providers requiring a foreign entity Remittance services
WHAT A DOMICILIARY ACCOUNT IS
A foreign-currency account with a local bank.
WHAT IT PROVIDES
The ability to receive and hold foreign currency.
WHAT TO ESTABLISH
Which currencies What documentation is required for inflows What charges apply How and at what rate conversion happens
WHY DOCUMENTATION MATTERS
Inflows may require supporting evidence of the underlying transaction.
WHAT TO PREPARE
Invoices and contracts evidencing what the payment is for.
WHAT TO ESTABLISH ABOUT INTERNATIONAL PROVIDERS
Whether they serve businesses registered here What entity documentation they require What the settlement route and timing are
WHAT SOME BUSINESSES DO
Register a foreign entity to access providers.
WHAT THAT COSTS
Formation, maintenance, and tax obligations in that jurisdiction.
WHAT TO TAKE ADVICE ON
The tax and regulatory implications, before doing it.
WHAT TO ESTABLISH BEFORE BUILDING ANYTHING
How money will actually reach an account you control.
WHY
It determines what business models are viable.
WHAT TO KEEP
Records of every inflow and its supporting documentation.
