The Central Bank of Nigeria (CBN) has launched two new account options—the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—to provide Nigerians in the diaspora with more opportunities to engage in the Nigerian economy.
The initiative, announced on Friday via a circular signed by W.J. Kanya, Acting Director of the CBN Trade and Exchange Department, aims to enhance the financial participation of non-resident Nigerians (NRNs) in the country’s socio-economic development.
The NRNOA allows NRNs to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. On the other hand, the NRNIA facilitates investments in Nigerian assets, offering options to transact in foreign currency (FCY) or Naira.
“Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities,” the circular stated.
Benefits for Diasporans
The CBN highlighted several advantages of the new accounts:
- Access to Nigerian Investment Opportunities: The NRNIA enables diasporans to invest in Nigeria’s Diaspora Bond and other locally issued debt instruments targeting the Nigerian diaspora or the general investing public.
- Direct Fund Management: Account holders can manage their funds directly in a safe and secure environment, reducing the need to rely on third parties to meet local commitments.
- Economic Contributions: The accounts are expected to increase the diaspora community’s contribution to Nigeria’s socio-economic development.
Eligibility and Implementation
Effective January 1, 2025, eligible NRNs can open either of the non-resident accounts by fulfilling Know Your Customer (KYC) requirements. Detailed FAQs are expected to be released soon to guide prospective account holders.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018),” the CBN added.
