The Central Bank of Nigeria (CBN) has introduced 2 new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) for Nigerians in the diaspora.
This was disclosed in a circular signed by the acting Director of Trade and Exchange, Dr W. J. Kanya, stating that the accounts were designed to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.
The circular reads, “The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNs) to invest in assets in Nigeria in either foreign currency (FCY) or local currency (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.
“NRNs can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.
“The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment, and reduce the reliance on third parties in meeting local commitments and obligations.
“Effective 1st January 2025, eligible NRNs shall have the opportunity to own any of the Non- resident Nigerian accounts, subject to meeting KYC requirements which will be made available in FAQs to be released soon.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018).”
The apex bank noted that the introduction of these 2 accounts would harness the economic potential of Nigerians abroad by improving remittances and fostering investments in critical sectors.
