Best business accounts for Importers and Exporters in Nigeria
Snapshot
Importers and exporters in Nigeria bank with an established bank that acts as the authorised dealer for trade. Importers process Form M through the bank, and exporters open a domiciliary account tied to their Nigerian Export Promotion Council registration and process Form NXP. Guaranty Trust Bank, Access Bank, and First Bank of Nigeria offer these trade services. The Central Bank of Nigeria foreign exchange manual was updated in June 2026. Figures here are as of 23 January 2026.
Suits Importers and Exporters best
Depends on your trade; an established bank that handles Form M, Form NXP, and a domiciliary account.
Typical monthly fee
No fixed monthly fee; trade processing and domiciliary account charges apply
Non resident position
A business registered with the Corporate Affairs Commission, and for exporters a Nigerian Export Promotion Council registration, are required. Non resident owners are subject to checks. Verify with the provider.
Providers that fit
Three covered here
Fees and features as of 23 January 2026Last reviewed 23 January 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
Importers and exporters in Nigeria use an established bank as their authorised dealer. Importers process Form M through the bank, and exporters hold a domiciliary account tied to their Nigerian Export Promotion Council registration and process Form NXP. The Central Bank of Nigeria foreign exchange manual was updated in June 2026, with Form NXP processing now free and Form A no longer required for remittances from domiciliary balances. Information as of 23 January 2026, not advice.
What Importers and Exporters in Nigeria need from a business account
Importers and exporters need a bank that acts as an authorised dealer and handles trade documentation. Importers complete Form M through the bank to bring goods in, and exporters open a domiciliary account tied to their Nigerian Export Promotion Council registration and process Form NXP so proceeds are credited and repatriated. The priorities are trade finance, a domiciliary account, and a bank that knows the current Central Bank of Nigeria foreign exchange rules.
G
Guaranty Trust Bank
Handles Form M, Form NXP, domiciliary accounts, and trade finance as an authorised dealer, with the usual documentation and onboarding checks.
Best for
Traders wanting Form M and a domiciliary account
Monthly fee
No fixed monthly fee; account maintenance and transaction charges apply
The international providers we compare do not confirm a business account for companies resident in Nigeria as of 23 January 2026. The providers listed above serve this market: established Nigerian banks such as Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, and United Bank for Africa, alongside Nigerian payment and foreign receiving services where they fit this business type. Confirm current terms with each provider before applying.
Questions about banking for Importers and Exporters in Nigeria
What account do importers and exporters need in Nigeria?
Traders use an established bank as their authorised dealer. Importers process Form M through the bank, and exporters hold a domiciliary account tied to their Nigerian Export Promotion Council registration and process Form NXP. Information as of 23 January 2026, not advice.
What is Form M and Form NXP?
Form M is the import documentation processed through your bank before goods are brought in, and Form NXP is the export documentation through which export proceeds are recorded and repatriated. As of 23 January 2026, the Central Bank of Nigeria foreign exchange manual updated in June 2026 made Form NXP processing free. Confirm the current rules with your bank.
Do exporters need a domiciliary account?
Exporters generally open a domiciliary account tied to their Nigerian Export Promotion Council registration so that export proceeds are credited and repatriated within the required window. Rules change with regulation. As of 23 January 2026, verify the current position with the bank.
What do trade accounts cost?
Established banks usually charge no fixed monthly fee but apply trade processing, documentation, and domiciliary account charges that vary by transaction. As of 23 January 2026, confirm current pricing with the bank before applying.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 23 January 2026. Confirm current terms with the provider before applying.