🇳🇬 Pay Suppliers in Nigeria
Pay Nigerian suppliers for oil & gas services, agricultural products, manufacturing
T+0 (2.3s avg within Unicorn network). Save 87% vs traditional banks.
What you need to send money to Nigeria
What details do I need to pay suppliers in Nigeria?
To pay suppliers in Nigeria you need the recipient's NUBAN (10-digit Nigerian Uniform Bank Account Number), plus account number and beneficiary name. Payments typically settle in 2.3 seconds and cost 0.5% FX spread + £5 per payment.
How fast are payments to Nigeria?
Payments to Nigeria settle in an average of 2.3 seconds when using local rails such as NIBSS Instant Payment (NIP), compared to 2–3 days via traditional SWIFT.
How much does it cost to send money to Nigeria?
Unicorn Currencies charges 0.5% FX spread and £5 per payment. You save about 87% versus banks (e.g. £505 vs £4040 on a £100k transaction).
Cost Comparison: Banks vs Unicorn Currencies
See how much you save on £100,000 payment to Nigeria
| Cost Item | Traditional Banks | Unicorn Currencies |
|---|---|---|
| FX Spread | 4% | 0.5% |
| Payment Fee | £40 | £5 |
| Total Cost (£100,000) | £4,040 | £505 |
| YOUR SAVINGS | N/A | £3,535 (87%) |
| Settlement Time | 2-3 days (SWIFT) | T+0 (2.3s avg within Unicorn network) |
Local Payment Rails in Nigeria
Avoid expensive SWIFT fees. We use local payment systems in Nigeria for faster, cheaper settlement.
NIBSS Instant Payment (NIP)
Nigeria's instant inter-bank payment system, 24/7 availability
RTGS
Real-time gross settlement for high-value transactions
Who Uses This Payment Corridor
Key Industries in Nigeria
- Oil & Gas
- Agriculture
- Manufacturing
- Construction
- Telecommunications
Average Transaction: £50k-£250k
Typical Monthly Volume: £150k-£1M
Popular Supplier Types
- Oil & gas service providers (Lagos, Port Harcourt)
- Agricultural exporters (Kano, Kaduna)
- Manufacturing (Lagos, Ogun State)
- Construction materials (Lagos, Abuja)
What You Need to Know: Nigeria Payments
Regulatory Considerations
- Central Bank of Nigeria (CBN) foreign exchange regulations
- Form M (Import documentation) required for imports
- Treasury Single Account (TSA) compliance for government payments
- SWIFT code verification critical for international transfers
Payment Tips for Nigeria
- Use NIP for instant settlement - avoid SWIFT delays
- Nigeria = Africa's largest economy, growing trade hub
- Multiple exchange rates exist - ensure you get interbank rate
- Oil & gas payments require enhanced due diligence
Why Choose Unicorn for Nigeria Payments
Local Rails, Not SWIFT
We use NIBSS Instant Payment (NIP) and other local systems in Nigeria. Avoid 3-4% SWIFT fees and 2-3 day delays.
87% Lower Costs
Save £3,535 on every £100,000 payment. On £150k-£1M monthly volume, save up to £106,050 annually.
Bank of Canada Supervised
Registered Payment Service Provider (PSP) and FINTRAC MSB. Full regulatory compliance for Nigeria payments.
Real-Time FX Tracking
Upload supplier invoices in NGN. See live P/L as GBP/NGN rates move. Lock rates for 15 seconds before committing.
£1,000,000+ Paying Suppliers in Nigeria? Save 87%
Enterprise treasury for import/export businesses with T+0 (2.3s avg within Unicorn network) settlement to Nigeria
For businesses with high annual FX volume. Not consumer transfers.