Korede Abdullah in Lagos
The Central Bank of Nigeria (CBN) has introduced two new account types designed specifically for Nigerians living abroad: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
These accounts aim to enhance diaspora participation in the Nigerian economy while providing secure and flexible financial management options.
According to Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department in a statement on Friday, “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 NRNOA allows Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. This account enables NRNs to deposit foreign earnings, such as salaries, dividends, and rental income, into accounts held in freely convertible currencies specified by the CBN.
Funds can also be converted to Naira at prevailing exchange rates, allowing account holders to meet personal expenses in Nigeria.
The NRNIA, on the other hand, provides NRNs with opportunities to invest in assets within Nigeria, using either foreign currency or local currency.
Account holders can explore financial markets and instruments, including foreign currency bonds, fixed deposits, equities, government securities, and mortgage products. The NRNIA ensures ease of capital mobility, with investment principal and profits fully repatriable.
The CBN has made these accounts available from January 1, 2025, with eligibility subject to Know Your Customer (KYC) requirements.
The initiative promises significant benefits, including improved access for NRNs to Nigerian economic opportunities and increased diaspora contributions to the nation’s socio-economic development.
