How Do You Receive Money from Nigeria to India in 2026?

Inside Nigeria, clients pay by local bank transfer over NIBSS Instant Payment (NIP), an account number based real-time transfer service, or through the RTGS system that the Central Bank of Nigeria supervises. These are domestic systems. To pay an Indian bank directly, a Nigerian client normally sends a SWIFT wire, often in US dollars.

• Rails: NIP, run by the Nigeria Inter-Bank Settlement System, moves funds in real time between accounts at CBN-licensed institutions through mobile, internet, USSD, ATM and agent channels. The Central Bank of Nigeria also lists deployment of a new RTGS system among its payments system initiatives.
• Client enters: For a local naira transfer, the client enters the beneficiary's bank and its Nigeria Uniform Bank Account Number (NUBAN), which the CBN introduced across banks. NIP runs a name enquiry to confirm the account holder before sending. For a SWIFT wire, the client enters your name, Indian account number, your bank's SWIFT code and your invoice reference.
• Client cost: Charges for a domestic naira transfer are set by the client's bank. An international wire carries the client bank's charges, and the client may choose whether it or you bears the fees.
• Speed: An NIP transfer credits the beneficiary account in real time, before interbank settlement, which happens in 12 sessions. A SWIFT wire to India often takes one to three business days, depending on the banks in the chain.
• Cross-border limits: NIP is available to CBN-licensed institutions and works on Nigerian account numbers, so it cannot credit an Indian bank account. Transaction limits on NIP follow CBN guidelines and each bank's own rules. A Nigerian client paying an Indian account directly sends an international wire instead.

The table ranks platforms with full published pricing for NGN by the INR received on NGN 6,700,000, then lists other business platforms that accept NGN, unranked. Fees were checked on 30 Sept 2026 or later.

You receive less than the invoice because fees and the exchange margin come off the amount sent. Many Nigerian payers send US dollars, so a naira invoice may be converted twice. For example, at an example mid-market rate of ₹85.00 per USD, a bank rate of ₹84.20 on USD 2,000 pays ₹1,68,400 instead of ₹1,70,000.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹0.07050 per NGN for 4 Nov 2026.

• Total cost: Add the percentage fee, any fixed fee and the exchange margin, then compare the rupees credited with the invoice amount at the mid-market rate.
• Local rail coverage: Check whether the method gives your client local NGN account details, or whether the client must send an international wire in US dollars.
• Settlement speed: Ask how many business days pass between the client's payment and the rupee credit, and what the cut-off times are.
• FIRA: Confirm you get an inward remittance advice for every payment, showing the purpose code, foreign currency amount and rupee amount.
• Client experience: Nigerian companies may need your invoice and contract before their bank releases foreign currency. Agree the invoice currency and documents before work starts.
• Support: Check how the provider handles returned payments, name mismatches and documents your AD bank asks for.

Receiving money from Nigeria as export income needs the right purpose code, an EDF where required, and realisation within nine months. These rules come from the FEMA (Export and Import of Goods and Services) Regulations, 2026, in force from 1 October 2026. Your AD bank closes the EDPMS entry when payment arrives.

• FIRA / e-FIRA: FIRA is a common name for the bank's inward remittance advice. It is not a term defined in FEMA. GST refund rules under CGST Rule 89 refer to a foreign inward remittance certificate issued by an AD Category-I bank. See what is FIRA.
• Purpose code: Use a services code from the RBI purpose code list, such as P0802 "Software consultancy/implementation (other than those covered in SOFTEX form)" or P1006 "Business and management consultancy and public relations services".
• EDF (services): Under Regulation 3(2) of the 2026 Regulations, a services exporter files an EDF within 30 days from the end of the invoice month. One EDF can cover all exports in a month. A.P. (DIR Series) Circular No. 20 replaced SOFTEX with the EDF from 1 October 2026.
• EDF (goods): Goods exporters declare the full export value in the EDF at the time of export. For shipments through EDI ports, the EDF is deemed part of the shipping bill under Regulation 3(1).
• EDPMS: Export value must be realised within nine months of the invoice for services, or 12 months if invoiced or settled in rupees. For invoices up to ₹10 lakh, your AD bank may close the EDPMS entry on your declaration.
• PA-CB fund safety: A non-bank PA-CB must keep collected funds in an Inward Collection Account with a scheduled commercial bank, under paragraph 16 of the RBI Payment Aggregator Master Direction.

Export income from Nigeria is taxed in India, and GST is zero-rated when the export conditions are met. India and Nigeria have no tax treaty in force. Under CBDT Circular No. 172 of 1975, Nigeria stated that no double taxation agreement with India continued after its independence, so domestic law applies in each country.

• GST zero-rating: Services to a Nigerian client are an export when the conditions in IGST Act section 2(6) are met, including payment in convertible foreign exchange. Exports are zero-rated under section 16, and you can supply without IGST under a Letter of Undertaking filed under CGST Rule 96A.
• GST on fees: Fees charged to you by a bank or payment service in India can carry GST, shown on its tax invoice. Under IGST section 16(2), you can claim input tax credit on them even though exports are zero-rated.
• Income tax: From 1 April 2026 the Income-tax Act, 2025 applies. The presumptive schemes that were sections 44AD and 44ADA are now in section 58, per the Income Tax Department FAQ. Earlier years stay under the 1961 Act.
• India-Nigeria DTAA: There is no India-Nigeria DTAA. The Dominions Rules, 1956 once gave double taxation relief for income taxed in both India and Nigeria. Circular No. 172 records that Nigeria did not treat that arrangement as continuing after independence on 1 October 1960, so there are no treaty articles on business profits, technical fees or withholding rates.
• Unilateral relief: Where no tax treaty exists, section 160 of the Income-tax Act, 2025 lets a resident deduct foreign tax paid on income that accrued outside India, at the lower of the Indian or foreign rate. Whether Nigerian tax on work done in India qualifies is a question for your tax adviser.
• Client-side tax: Ask your Nigerian client before invoicing whether it will withhold Nigerian tax from your payment, and request a tax deduction receipt if it does. Without a treaty, the client applies Nigerian domestic law, so agree in the contract whether the invoice amount is gross or net.

Rules and rails are linked to official sources below with the dates they were checked. Platform figures come from each platform's own pages, checked on 30 Sept 2026 or later, and RBI authorisation was checked against RBI's published list. Rates are XE live mid-market rates, dated 4 Nov 2026. The method is on the methodology page.

1. RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB, as amended), Reg 2(1)(c) EDF; Reg 3(1) EDF for goods, deemed part of shipping bill at EDI ports; Reg 3(2) services EDF within 30 days from end of invoice month, single EDF per month, non-software may file on or before payment; Reg 4 EDPMS closure on declaration up to Rs 10 lakh; Reg 5 realisation nine months, twelve months if invoiced/settled in INR, AD may extend. (checked 8 Oct 2026)
2. RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026, Supersedes Master Directions on Export/Import and SOFTEX circulars from 1 October 2026. (checked 8 Oct 2026)
3. RBI Master Direction on Regulation of Payment Aggregators, Para 11(d): max value per PA-CB transaction Rs 25 lakh; para 11(h): PA-CB to provide documents for EDPMS closure; para 16(a): funds in escrow, called Inward Collection Account (InCA) for PA-CB, with a scheduled commercial bank. (checked 8 Oct 2026)
4. RBI circular RBI/2026-27/08 dated 9 April 2026: Guidelines to facilitate faster cross-border inward payments, Para 3: banks shall endeavour to credit inward payments received during forex market hours within the same business day, after-hours on the next business day, subject to FEMA; inform customers on receipt. Effective six months from the circular date (9 October 2026). (checked 8 Oct 2026)
5. RBI: A.P. (DIR Series) Circular No. 84 (29 Feb 2012), purpose codes for reporting forex transactions, P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P1006 Business and management consultancy and public relations services. (checked 8 Oct 2026)
6. IGST Act, 2017, section 2 (definition of export of services), Section 2(6): supplier in India, recipient outside India, place of supply outside India, payment in convertible foreign exchange or INR where RBI permits, not establishments of a distinct person. (checked 8 Oct 2026)
7. IGST Act, 2017, section 16 (zero rated supply), 16(1) export of services is zero rated; 16(2) input tax credit may be availed; 16(3) supply under bond or LUT with refund of unutilised ITC. (checked 8 Oct 2026)
8. CGST Rules, 2017, Rule 96A, Bond or Letter of Undertaking in FORM GST RFD-11 furnished prior to export for supply without payment of integrated tax. (checked 8 Oct 2026)
9. CGST Rules, 2017, Rule 89, Refund application refers to Bank Realisation Certificate or foreign inward remittance certificate issued by Authorised Dealer-I Bank. (checked 8 Oct 2026)
10. Income Tax Department: FAQs on objective and scope of the Income-tax Act, 2025, Presumptive taxation schemes (44AD, 44ADA, 44AE) consolidated into section 58; tax year concept applies from 1 April 2026. (checked 8 Oct 2026)
11. RBI Master Direction - Reserve Bank of India (Deposits and Accounts) Directions, EEFC: 100% of export earnings may be credited; accruals converted by the last day of the following month after approved uses. (checked 8 Oct 2026)
12. Income-tax Act, 2025 (as amended by Finance Act, 2026), Section 160(1): resident who paid income-tax in a country with which there is no agreement under section 159, on income accrued outside India, is entitled to a deduction at the Indian rate or the foreign rate, whichever is lower. (checked 8 Oct 2026)
13. Income Tax Department: Circular No. 172 dated 8 July 1975, Ghana, Nigeria and Mauritius stated that no agreement on avoidance of double taxation subsists with India after independence; Nigeria independent 1 October 1960; unilateral relief applies to Indian residents from assessment year 1961-62 for Nigeria. (checked 8 Oct 2026)
14. Income Tax Department: Dominions Rules, 1956 (Other Agreements), Income-tax (Double Taxation Relief) (Dominions) Rules, 1956 provided relief for income taxed in India and listed dominions including Nigeria; Circular No. 116 of 1973 said Nigeria's position was being ascertained. (checked 8 Oct 2026)
15. NIBSS: NIBSS Instant Payment (NIP), Account number based, online real-time EFT platform; all CBN licensed institutions have access; name enquiry validates beneficiary by account number; channels include mobile and internet banking, POS, ATM, USSD, agents; transaction limit per CBN guidelines; deferred net settlement with 12 settlement sessions, funds available in beneficiary account before settlement. (checked 8 Oct 2026)
16. Central Bank of Nigeria: Payments System Supervision, Initiatives listed include implementation of Nigeria Uniform Bank Account Number (NUBAN), deployment of new RTGS system, Bank Verification Number, Guidelines on International Money Transfer Services. (checked 8 Oct 2026)
17. Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
18. PingPong India home, Digital FIRCs in your PingPong dashboard. Free of cost; All fee charges are shown on the account dashboard (checked 7 Oct 2026)
19. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)
20. Tazapay Pricing, Global Collection Accounts: *Contact sales; Global Cards 3.8% + USD 0.5; APMs 0.8%-2.5%; FIRC (India) USD 4; Custom tier: Volume-Based Discounts, Payment Method-Specific Rates, Customized FX (checked 7 Oct 2026)