Nigeria - Methods of Payment Nigeria - Methods of Payment
Methods of payment include either confirmed irrevocable letters of credit, bills for collection, open account or any other internationally accepted mode of payment. Whatever the mode adopted, the proceeds must be repatriated within 90 days from the date of shipment of the consignment. U.S. exporters are advised to ship goods only on sight confirmed and irrevocable letters of credit. The preferred method of quoting is "CIF."
U.S. firms also are advised that fraudulent business practices involving bogus financial documents are common. Independent verification of the legitimacy of transactions is recommended. U.S firms should also consult with their bankers for document verification. It is necessary to confirm the validity of any Nigerian bank with the U.S. Commercial Service office in Nigeria.