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The Central Bank of Nigeria has announced the introduction of two new financial products designed to serve Nigerians living abroad.
The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account were unveiled in a circular dated January 10, 2025, issued by the Trade and Exchange Department of the apex bank.
According to the CBN, these accounts aim to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.
The document was signed by the acting Director of Trade and Exchange, Dr W. J. Kanya.
The circular read, “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”
The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets.
The circular further noted, “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 NRNOA is designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira.
Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.
On the other hand, the NRNIA provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products.
The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira.
Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.
The NRNIA, in particular, is structured to promote investments in Nigeria’s financial instruments, such as the Diaspora Bond, and encourage active participation in the country’s economic development.
The CBN believes that the introduction of these accounts will harness the economic potential of Nigerians in the diaspora by boosting remittances and fostering investments in critical sectors.
