Nigeria's commercial banking sector is the largest in West Africa, with the Central Bank of Nigeria (CBN) currently regulating 24 fully-licensed deposit-money banks plus a growing list of non-interest, payment-service, and microfinance institutions. The sector consolidated through the 2005 recapitalisation reform and has continued to evolve through the 2023 FX unification under NAFEM. For diaspora senders, Nigerian bank SWIFT codes are essential for naira-denominated wires and any GBP/USD/EUR-to-NGN transfer landing in a domiciliary account.

How to use a Nigeria bank SWIFT code

To send an international wire to a Nigeria bank, you give your sending bank three items: (1) the recipient bank's SWIFT code (8 or 11 characters); (2) the recipient's account number; (3) the full name of the account holder as registered with the bank.

The 8-character SWIFT code identifies the head office. 11-character codes ending in 'XXX' also identify the head office; codes ending in other sequences identify a specific branch. When in doubt, use the 8-character head-office code — the SWIFT system will route correctly.

Typical timing is 1 to 5 business days, depending on intermediary (correspondent) banks involved. Fees vary considerably: a SWIFT wire from a UK bank to an African bank typically costs £15-30 on the sending side plus an FX spread, while a mobile-first operator like Wise or LemFi can be materially cheaper for smaller amounts.

FAQ

How many banks are listed for Nigeria?

We currently list 14 commercial banks licensed by the Central Bank of Nigeria (CBN). Each SWIFT/BIC code has been verified against two independent sources.

Is the SWIFT code the same as the BIC?

Yes. SWIFT (Society for Worldwide Interbank Financial Telecommunication) and BIC (Business Identifier Code) are two names for the same 8 or 11-character identifier standardised by ISO 9362.

Do I need a SWIFT code for an international wire to Nigeria?

Yes. The sending bank needs the SWIFT code to route the wire through the SWIFT network. You will also need the recipient's account number; some banks also request the bank's full physical address.

Is there a cheaper alternative to a bank wire to Nigeria?

For smaller amounts to Nigeria, operators such as Wise, LemFi, Sendwave, and TapTap Send typically offer a rate closer to mid-market and lower fees than a classic SWIFT bank wire. For very large amounts (above $50,000), a SWIFT wire from a bank usually remains the practical choice.

Nigeria MoMo fees →

USD/NGN exchange rate →

Send money to Nigeria →