How to Receive USD Payments in Nigeria: 2025 Guide for Freelancers

How to Receive USD Payments in Nigeria: 2025 Guide for Freelancers

Last Updated: January 2026

Nigerian freelancers have been locked out of global payment systems for too long. PayPal restricted Nigerians to "send-only" since 2014. Wise suspended USD transfers to Nigeria in November 2022. Traditional options like Payoneer charge up to 3% just for withdrawals, plus 4.5% for conversion and 1% on receiving.

This guide compares every option available to Nigerian freelancers in 2026, with verified fee breakdowns.

The Problem: Why Receiving USD in Nigeria Is Hard

For years, Nigerian freelancers earning from Upwork, Fiverr, or direct clients faced these barriers:

• PayPal: Send-only until late 2026. Even now, no direct bank withdrawals.
• Wise: USD transfers suspended since November 2022. Naira payouts re-enabled September 2024 for GBP→NGN only.
• Payoneer: Works, but total fees reach 8.5% plus a $29.95 annual fee for low-volume users.

The result: Nigerian freelancers lose a significant portion of their earnings just to access their own money.

Available Options in 2026

Platforms That Do NOT Work Well

PayPal

PayPal announced expanded services for Nigeria in late 2026, but significant restrictions remain. You cannot transfer directly to Nigerian bank accounts, personal accounts cannot receive payments, and Verve cards are not supported.

Workaround: Connect a Grey virtual USD account to PayPal. Receive funds there, then withdraw locally.

Wise

Wise has a complicated history in Nigeria. USD transfers to Nigeria were suspended on November 1, 2022. Naira payouts were re-enabled in September 2024, but only for GBP→NGN transfers to comply with CBN rules. The Wise card is not available to Nigerians, and you cannot receive USD directly into Nigeria.

Verdict: Only useful if your clients can send GBP. Not recommended for USD payments.

Platforms that work

Payoneer

The most established option. Integrated with Upwork, Fiverr, Envato, and most freelance marketplaces.

Fees:

• Receiving from marketplaces: 1%
• Withdrawal to Nigerian bank: 3%
• Conversion to NGN: 4.5%
• USD withdrawal to domiciliary account: $1.50
• Annual account fee: $29.95 (if you receive less than $2,000/year)

Estimated total cost: ~8.5%

Pros: Wide marketplace integration, physical card, established reputation.

Cons: High fees for NGN withdrawals, annual fee for low-volume users.

Grey

Nigerian fintech providing USD, GBP, and EUR virtual bank accounts. Regulated by FINTRAC (Canada) and FinCEN (US).

Fees:

• ACH/SEPA/FPS deposits: 0.8% (minimum $2, maximum $10)
• Currency conversion: 1% (capped at $6)
• NGN withdrawal: ₦35
• Monthly fee: None

Estimated total cost: ~1.8%

Pros: Multiple currencies, instant payouts, no monthly fees.

Cons: Not integrated with freelance platforms like Upwork directly.

Cleva

Y Combinator-backed fintech (Winter 2024 batch). Over 700,000 users. Provides dedicated US bank accounts.

Fees:

• ACH deposit: 0.8% (minimum $1, maximum $10)
• Wire deposit: Flat $10
• USDT/USDC deposit: Free
• Upwork deposits: Free

Processing times: ACH from US banks takes 1-3 business days. Wire from US banks arrives same day to 1 day.

Pros: Low fees, Upwork deposits free, crypto support.

Cons: USD only (no EUR/GBP).

Geegpay

Designed specifically for African freelancers. Offers USD, GBP, EUR accounts. Recently rebranded to Raenest.

Fees:

• ACH/Wire deposit: 0.8% (minimum $1.50, maximum $12)
• SWIFT deposit: 0.8% (minimum $7, maximum $12)
• Currency conversion: 0%
• NGN withdrawal: ₦12

Estimated total cost: ~0.8%

November 2025 Update: Raenest announced zero deposit fees for USD, GBP, and EUR accounts (4 free deposits per month).

Pros: Zero conversion fees, works with Upwork, monthly rewards program.

Cons: SWIFT deposits have higher minimums.

Cenoa

Cenoa provides a US bank account for freelancers from any country with no restrictions.

Fees:

• Receiving payments: 0.5%
• Currency conversion: 0.49%
• Local withdrawal: Free
• Monthly fee: None

Estimated total cost: ~1%

How it works:

1. Sign up and complete verification
2. Get your US bank account details (account number + routing number)
3. Share with clients or add to freelance platforms
4. Receive USD, withdraw instantly to your local bank account in Naira, or to your crypto wallet as USDC/USDT

Pros: Lowest total fees, no restrictions, free withdrawals, no monthly fees.

Fee Comparison Summary

Here's how the platforms stack up:

• Cenoa: 0.5% deposit + 0.49% conversion + free withdrawal = ~1% total
• Raenest: 0.8% deposit (max $12) + 0% conversion + ₦12 withdrawal = ~0.8% total
• Grey: 0.8% deposit (max $10) + 1% conversion (max $6) + ₦35 withdrawal = ~1.8% total
• Cleva: 0.8% deposit (max $10) + competitive conversion = ~1-1.5% total
• Payoneer: 1% receiving + 4.5% conversion + 3% withdrawal + $29.95 annual fee = ~8.5% total

Cost Example: $1,000 USD Payment

What you keep after all fees:

• Cenoa: ~$10 deducted (1%) → You keep $990
• Raenest: ~$8-12 deducted (0.8%) → You keep $988-992
• Grey: ~$18 deducted (1.8%) → You keep $982
• Payoneer: ~$85 deducted (8.5%) → You keep $915

For a freelancer earning $3,000/month, switching from Payoneer to Cenoa saves $225 monthly, or $2,700 per year.

Which Platform Should You Use?

If You Work on Upwork or FiverrBest options: Cleva (Upwork deposits are free) or Raenest. Add your USD account details to the platform. Payments arrive in 1-3 days.

If You Have Direct ClientsBest options: Cenoa or Grey. Share your US bank account details with clients. They pay via ACH or wire transfer.

If You Need Multiple CurrenciesBest option: Grey. Supports USD, GBP, and EUR accounts for clients in the US, UK, and Europe.

If You Need Maximum Marketplace CompatibilityBest option: Payoneer. Despite higher fees, Payoneer works with nearly every freelance platform. Keep it as a backup.

Recommended Setup for Nigerian Freelancers

Primary account: Cenoa or Raenest for lowest fees

Secondary account: Payoneer for marketplace withdrawals

Why two accounts? Some platforms only support Payoneer. Having both gives you flexibility while minimizing fees on direct payments.

How to Switch from Payoneer

1. Create a Cenoa account and complete verification
2. Get your US bank account details
3. Update your payment method on Upwork, Fiverr, Appen, or other platforms
4. New payments go to Cenoa
5. Withdraw existing Payoneer balance, then use Cenoa going forward

The switch takes 10 minutes. You start saving immediately on new payments.

Frequently Asked Questions

Is Cenoa safe to use in Nigeria?Yes. Cenoa partners with licensed US banks and is regulated. Your USD is held in FDIC-insured accounts.

Can I use my Cenoa account for Amazon or Etsy seller payments?Yes. Any platform that accepts US bank account details can pay to your Cenoa account.

How long does withdrawal to my Nigerian bank take?Same-day for most banks using instant transfer networks.

Do I need a domiciliary account?No. Cenoa converts USD to Naira and sends directly to your regular Naira account.

What documents do I need to sign up?Valid ID (passport, national ID, or driver's license) and proof of address.

Conclusion

Nigerian freelancers no longer need to lose 3-4% of their earnings to access USD payments. Platforms like Cenoa, Raenest, and Grey offer US bank accounts with fees under 2%.

The math is simple:

• Payoneer: ~$85 lost per $1,000 (8.5%)
• Cenoa: ~$10 lost per $1,000 (1%)

For a full-time freelancer earning $3,000/month, switching saves $2,700 per year.