Central Bank of Nigeria (CBN) has launched the non-resident Nigerian ordinary account (NRNOA) and non-resident Nigerian investment account (NRNIA) for Nigerians in the diaspora.
Gatekeepers News reports that CBN announced this in a circular signed by W.J Kanya, its acting director of trade and exchange department on Friday,
The apex bank noted that NRNOA is an account that enables non-resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.
It said, “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.”
Highlighting benefits of the accounts, CBN said diasporans will have improved access to opportunities in the Nigerian economy and increased contribution of the diaspora community to the socio-economic development of Nigeria.
It said, “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).”
