How Do You Receive NGN (Nigerian Naira) Payments in India in 2026?

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.

The real NGN to INR rate is the mid-market rate, the midpoint between buying and selling prices. Banks, cards and platforms convert at rates below it, usually through US dollars. For example, at an example rate of ₹0.058 per naira, NGN 1,000,000 is ₹58,000, and a rate of ₹0.056 pays ₹2,000 less. See the mid-market rate.

Today's rate, its history and every platform's payout are on the NGN to INR rate page.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹0.07040 per NGN for 4 Nov 2026.

You usually cannot hold naira in India. Any person resident in India can keep export earnings in an EEFC account, but Indian banks normally offer only widely traded currencies. Payments from Nigeria often arrive as US dollars, which an EEFC account can hold. Ask your AD bank what it offers. See EEFC account benefits.

• Eligibility: Any person resident in India can open an EEFC account with an AD bank under FEMA 10(R), as set out in para 3.1 of the Master Direction on Deposits and Accounts.
• Credits: Up to 100 percent of foreign exchange earnings received through normal banking channels, other than loans or investments, may be credited (para 3.1). The account pays no interest.
• Conversion rule: Monthly accruals should be converted into rupees by the last day of the next month, after adjusting for approved uses or forward commitments (para 3.1). Ask your AD bank how it applies this.
• Alternative: Invoicing in US dollars avoids a naira leg on your side, and invoicing in rupees gives 12 months for realisation under Regulation 5. Both are allowed for Nigeria under the Manner of Receipt and Payment Regulations. See invoicing exports in INR.

• Spot: Convert the amount to rupees on the day it arrives at the rate your bank or provider quotes. Naira payments usually reach India as US dollars, so the dollar to rupee rate and the Nigerian Foreign Exchange Market rate on that day decide most of what you receive.
• Forward contract: Book a forward with your AD bank against a real export exposure, usually in US dollars. The amount and tenor cannot exceed the exposure under para 2.4 of the Master Direction on Risk Management. See RBI hedging rules for exporters.
• Limit order: Some banks and providers let you set a target rate and convert automatically when it is reached. NGN-INR is not among the exchange-traded pairs listed in para 3.2, so check availability with your bank.
• Natural hedge: If you pay costs abroad, you can keep foreign currency earnings in an EEFC account and pay those costs from it, as payments outside India are permitted debits under para 3.1.

NGN receipts for exports follow India's general export rules. Nigeria is not an Asian Clearing Union member, so payment may be in rupees or any foreign currency under the Manner of Receipt and Payment Regulations. Since 1 October 2026, the FEMA (Export and Import of Goods and Services) Regulations, 2026 require an EDF and realisation within nine months.

• Purpose code: Choose the code that matches the service, such as P0802 "Software consultancy/implementation (other than those covered in SOFTEX form)" or P1006 "Business and management consultancy and public relations services" from the RBI purpose code list. See P0802 purpose code.
• EDF: Service exporters file an EDF within 30 days from the end of the invoice month under Regulation 3(2). The EDF replaced SOFTEX for software from 1 October 2026 under A.P. (DIR Series) Circular No. 20. See EDF form for exports.
• Realisation: The full export value must be realised within nine months of the invoice date, or 12 months if invoiced or settled in INR, under Regulation 5. For invoices up to ₹10 lakh, your AD bank may close the EDPMS entry on your declaration. See export realisation period.
• FIRA: FIRA is not a term defined in RBI rules. GST refund rules refer to a BRC or FIRC issued by an AD bank under Rule 89(2)(c). See what FIRA means.
• PA-CB safety: A cross-border payment aggregator must keep collected funds in an Inward Collection Account with a scheduled commercial bank, under paragraph 16 of the RBI Payment Aggregator Master Direction.

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 3(2) services EDF within 30 days from end of invoice month; Reg 4(2) EDPMS closure on declaration up to Rs 10 lakh; Reg 5 realisation nine months, twelve months if invoiced or settled in INR. (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: Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 (as amended 10 February 2025), Reg 3(2)(I)(a)(iii): trade receipts from countries other than ACU members in Indian Rupees or in any foreign currency. (checked 8 Oct 2026)
4. Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015, FEMA 10(R), EEFC account for a person resident in India; Schedule I credits and permitted debits. (checked 8 Oct 2026)
5. RBI Master Direction: Deposits and Accounts, Para 3.1 EEFC: 100 percent of foreign exchange earnings through normal banking channel; permitted debits include payments outside India; non-interest bearing; accruals converted by last day of succeeding month after approved uses or forward commitments. (checked 8 Oct 2026)
6. RBI Master Direction: Risk Management and Inter-Bank Dealings, Para 2.4(i) the same exposure not hedged twice; notional amount and tenor not to exceed the value and tenor of the exposure; para 3.2(ii) exchange-traded pairs USD-INR, EUR-INR, GBP-INR, JPY-INR, EUR-USD, GBP-USD, USD-JPY. (checked 8 Oct 2026)
7. RBI Master Direction on Regulation of Payment Aggregators, PA-CB maximum value per transaction Rs 25 lakh; settlement per PA and merchant agreement; documents for EDPMS closure; para 16 Inward Collection Account with a scheduled commercial bank. (checked 8 Oct 2026)
8. 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; para 4: effective six months from the circular date (9 April 2026), that is from 9 October 2026. (checked 8 Oct 2026)
9. 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)
10. IGST Act, 2017, section 2 (definition of export of services), Section 2(6)(iv): payment for such service has been received by the supplier in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India. (checked 8 Oct 2026)
11. CGST Rules, 2017, Rule 89, Rule 89(2)(c): refund for export of services supported by BRC or FIRC. (checked 8 Oct 2026)
12. Income Tax Department: Circular No. 172 dated 8 July 1975, Para 2: Ghana, Nigeria and Mauritius stated that no agreement on avoidance of double taxation subsists with India after independence; Nigeria became independent on 1 October 1960; Indian residents covered by unilateral relief. (checked 8 Oct 2026)
13. Central Bank of Nigeria: Foreign Exchange Market in Nigeria, CBN adopted a 'willing buyer, willing seller' model for trade transactions, unifying the foreign exchange market in 2023; segments collapsed into the I&E window, now renamed Nigerian Foreign Exchange Market (NFEM). (checked 8 Oct 2026)
14. Central Bank of Nigeria: Exchange Rates (NFEM rates), NFEM rate is derived at Volume Weighted Average and stands as the official exchange rate for the day (naira per US dollar). (checked 8 Oct 2026)
15. NIBSS: NIBSS Instant Payment (NIP), Account number based, online real-time electronic funds transfer platform for financial institutions; name enquiry validates the beneficiary account. (checked 8 Oct 2026)
16. Central Bank of Nigeria: Payments System Supervision, Initiatives include implementation of Nigeria Uniform Bank Account Number (NUBAN) and deployment of new RTGS system. (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)