The Central Bank of Nigeria (CBN), on Friday, announced non-resident Nigerian ordinary accounts (NRNOA) and non-resident Nigerian investment accounts (NRNIA) for citizens in the Diaspora.
CBN’s acting Director of the Trade and Exchange Department, W.J. Kanya, disclosed this on Friday, while unveiling NRNOA and NRNIA.
According to CBN, the move would increase Diaspora remittances into the Nigerian economy.
The initiative, Kanya noted, took effect from January 1, 2025.
“The Central Bank of Nigeria (CBN) has introduced the non-resident Nigerian ordinary account (NRNOA) and non-resident Nigerian investment account (NRNIA) for Nigerians in the Diaspora.
“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,” the statement read.
CBN added that the opportunity will boost the contribution of the Diaspora community to the socio-economic development of Nigeria.
“The benefits derivable include, but are not limited to, the following: improved access for NRNs to opportunities in the Nigerian economy and increased contribution of the Diaspora community to the socio-economic development of Nigeria.
“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 that 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). Attached is the framework of the policy for your guidance,” CBN statement added.
This policy comes barely 24 hours after the CBN okayed suspension of approvals for the extension of repatriation of export proceeds.
