Direct international wire transfers (SWIFT) remain the standard for high-value contractual payments from multinational enterprises into Nigeria.
Required Information for Wire Transfers
- Beneficiary Bank Name: (e.g. Guaranty Trust Bank Nigeria).
- SWIFT / BIC Code: Your bank’s specific 8 or 11 character SWIFT code.
- Correspondent Bank Details: US intermediary bank (e.g. Citibank New York or Standard Chartered Bank).
- Beneficiary Account Number: Your 10-digit NUBAN USD Domiciliary account number.
Wire transfers typically settle within 2 to 5 business days. Ensure the name on your foreign contract matches your Nigerian bank account name precisely to avoid central bank compliance queries.
