The Central Bank of Nigeria (CBN) has announced the launch of two new accounts designed specifically for Nigerians living abroad – the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). The initiative aims to provide diaspora Nigerians with more opportunities to manage their funds and invest in the Nigerian economy.
In a circular issued to authorized dealer banks and the public, the CBN explained that the NRNOA will allow Nigerians abroad to remit their foreign earnings and manage funds in both foreign and local currencies. Meanwhile, the NRNIA will enable them to invest in assets within Nigeria, whether in foreign currency or the local Naira
Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department at the CBN, highlighted the benefits of the new accounts:
Enhanced Economic Participation: Non-Resident Nigerians (NRNs) can now access and contribute to the Nigerian economy more effectively.
Investment Opportunities: The NRNIA offers access to Nigeria’s Diaspora Bond and other locally issued debt instruments targeted at the diaspora.
Secure Fund Management: These accounts provide a safe and secure environment for NRNs to manage their funds directly, reducing reliance on third parties.
The CBN also stated that account holders can maintain both foreign currency and local currency accounts, offering flexibility for various transactions and investments.
Effective January 1, 2025, eligible Nigerians in the diaspora can open these accounts, provided they meet the Know Your Customer (KYC) requirements. Further details will be provided in a forthcoming FAQ document.
The CBN assured that this policy aligns with existing guidelines in the CBN Foreign Exchange Manual (2018) and is intended to strengthen the contribution of the diaspora community to Nigeria’s socio-economic development.
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