Accepting USD Payments From Nigeria

Nigerian fashion sellers can accept USD payments by receiving dollars through a bank account that can hold foreign currency, or through a payment provider that settles for them. The rules on foreign-currency accounts and conversion are set by the Central Bank of Nigeria (CBN) and change, so confirm the current position with your bank and the CBN before you rely on any route.

This is general information, not legal or tax advice. It is written for brands selling to diaspora and overseas customers, as described in our guide to virtual try-on for African fashion brands.

Why would a Nigerian brand want to accept dollars?

Overseas customers think in dollars, pounds or euros. Showing a price in their currency removes the mental conversion and can make buying feel safer.

It can also protect you from price shifts. If your costs move with the exchange rate, a dollar price may be easier to keep stable. The guide on showing prices in naira and dollars on one Shopify store covers the storefront side.

Pricing in a foreign currency also affects how you describe shipping and duties. Overseas buyers may face import charges in their own country, so tell them what is and is not included in your price. Our guide on UK import duty on clothing shipped from Nigeria shows one example of the questions to answer.

What are the main ways to receive USD?

Compare these routes. Rules and availability change, so verify each.

Route	How it works	Ask before using
Bank foreign-currency account	A bank account that holds dollars	Which account types your bank offers
Payment provider	A gateway collects card payments and settles to you	Which currencies it settles in, and fees
Bank transfer or wire	Customer sends money from abroad	Fees and how long it takes
Payment links and invoices	You send a link or invoice	Which currencies and cards it supports

What is a domiciliary account?

A domiciliary account is a bank account in Nigeria that holds foreign currency. Banks describe their own versions, with their own requirements.

Ask your bank:

• What documents does it need from an individual or a business?
• Can the account receive international transfers?
• What are the fees, and who sets the conversion rate?
• Are there limits on cash withdrawals or transfers?

We could not find an official CBN page that spells out these terms in a form we could verify on the day of writing. Use the CBN's own site at cbn.gov.ng and its circulars section, and ask your bank to point to the current rule.

How do payment gateways fit in?

A gateway can take card payments from customers abroad. What it settles to you, and in which currency, depends on the provider and your account.

Compare providers using the checklist in payment gateways for Nigerian fashion stores. Platform limits are covered in what works and what does not on Shopify in Nigeria.

What about exchange rates?

The rate you get when dollars become naira depends on who converts the money and when. The CBN publishes official rates on its exchange rate page, but the rate your bank or provider uses may differ.

Before pricing in dollars, check:

• Which rate applies to your payout
• Whether fees are taken before or after conversion
• How long settlement takes

Do you have to pay tax on foreign income?

Yes, income is generally a tax matter whatever the currency. We do not give tax rates or filing rules here, since we could not verify them on an official page. Check with the Nigeria Revenue Service or a qualified accountant. Our related guide on invoicing in naira with deposits and VAT covers invoicing basics, though read it alongside current official guidance.

How do you price for dollar customers?

Decide whether to set a fixed dollar price or convert from naira each time.

A fixed price is simple for shoppers. A converted price follows the market but changes. Whichever you choose, state which currency the customer pays in, and what refunds look like.

Reducing wrong-size orders also protects your margin on international shipments. A size recommendation matched to your own size chart helps; see how AI size recommendation for fashion stores works.

Keep records of every dollar payment, including the date, the amount and the rate used. Clear records make it easier to answer questions from your bank or accountant later.

FAQs

Do I need a domiciliary account to accept dollars?

Not always. It depends on the route you choose. Ask your bank and your payment provider what they require.

Where can I find the official CBN rules?

Start at the CBN website, in the circulars and notices sections. If you cannot find a rule, ask your bank to cite it.

Can I show prices in dollars without receiving dollars?

Yes. A store can display dollar prices while settling in naira. How the conversion happens depends on your provider.

Is this legal or tax advice?

No. This is general information, not legal or tax advice. Speak to your bank, the CBN or a qualified professional for your case.