The short answer
A Nigerian citizen can open a domiciliary account to hold US dollars, at an authorised bank. The Central Bank of Nigeria's Foreign Exchange Manual says you "shall not be required or obliged to disclose the source of funds" when you open the account or deposit. The next line says you must still comply with money laundering rules.
So you can receive dollars from a foreign employer into your own bank account. The manual doesn't say which type of account fits remote pay, so ask your bank. This page is general information from the CBN's 4th Edition manual, Memorandum 20. It isn't legal or tax advice.
The four types in the manual
The manual lists four types of domiciliary account: Ordinary, Export proceeds, External and Non-resident. They can be current, deposit or savings accounts. You may hold more than one, at the same bank or at different banks.
| Type | What the manual says that matters to you |
|---|---|
| Ordinary | Holders have "unfettered and unrestricted access to funds". The manual lists three ways to withdraw from a domiciliary account: foreign banknotes, mail or telegraphic transfer, and bank draft. |
| Export proceeds | Access is for eligible transactions with documents, and "no cash withdrawals shall be allowed". |
| External and Non-resident | Ask your bank whether they apply to you. If you live and work in Nigeria, these names suggest they aren't meant for you, but only your bank can confirm it. |
That difference on cash is why the type matters. If your bank puts your pay under export proceeds, you may have to move it by transfer, not take out cash. The manual doesn't settle how a remote worker's pay is classed. That's not something to guess, so get the answer from your bank in writing.
The USD 10,000 line in the manual
The manual says holders "are permitted to utilise cash deposits not exceeding USD10,000 per day or its equivalent via telegraphic transfer". As we read it, that's about sending out money you paid in as cash. It isn't a cap on what a foreign employer can send you. A normal foreign salary reaches you as a transfer, not in cash, but ask your bank how the line applies to you.
You can't use dollars to pay people in Nigeria
Memorandum 21 says that, except where expressly permitted by law, "the use of foreign currency for the payment of goods and services in Nigeria is prohibited". So your dollars are for saving, for changing into naira or for sending abroad, but not for paying your landlord or a local supplier in dollars. And a Nigerian client should pay you in naira.
What to ask your bank
We haven't named a bank, as we didn't open any bank's page for this guide. So fees and documents here are yours to check. Take these questions to the branch:
- Which domiciliary type do you put a salary or contractor fee from a foreign company in?
- Can I withdraw that money in cash, or only by transfer?
- What documents do you need to open it?
- What's your charge on an incoming transfer in USD?
- Is there a monthly maintenance fee?
- What SWIFT details should I give my employer?
- What rate would you give me to change dollars into naira today?
Then give the answers to your employer or client, and do a small test payment if you can. Banks between the sender and yours can take a correspondent fee, and Wise estimates that at 15 to 50 USD on a SWIFT payment. If that matters, compare routes with our payment fee comparison.
A worked example, with a made-up rate
Say you earn 1,500 USD a month, your transfer costs 5 USD and you change it into naira at 1,000 to the dollar with a 1% spread. The 1,000 is made up to keep the sum easy, so it isn't today's rate. That's (1,500 - 5) x 1,000 x 0.99 = 1,480,050 naira. Now use the real rate. The CBN publishes reference rates, and the rate you actually get is usually worse. Our USD salary calculator does this sum with the rate you type, and it links the CBN's page.
Tax still applies
Not having to disclose the source of funds to your bank is one thing. Tax is another. Income you earn while you live in Nigeria is covered in our guide to remote work taxes in Nigeria. Keep your contract, invoices and bank statements, and record the naira value on the day you were paid.
Next steps
See remote jobs open to people in Nigeria and who is hiring. If a Wise payment is what your client prefers, read what Wise allows by country: Wise lists Nigeria for payments to naira bank accounts, not for holding money.
A warning that comes up a lot with dollar pay. If anyone offers you a job and says you must pay a fee to open a special dollar account, stop. Applying is free, and nobody should pay for a job. Our scam check lists the signs.