The Central Bank of Nigeria has launched two new accounts—the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—to let Nigerians living abroad invest and manage their funds.
The initiative was revealed on Friday in a circular signed by the acting director of the CBN’s Trade and Exchange Department, W.J. Kanya.
According to the CBN, the NRNOA allows Nigerians in the diaspora to remit their foreign earnings to Nigeria and manage their funds in both foreign and local currencies.
“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),” the circular explained.
The NRNIA allows diaspora Nigerians to invest in a variety of assets, including Nigeria’s Diaspora Bond and other locally issued debt instruments targeted at the Nigerian diaspora or the investing public.
The CBN stated that the project intends to provide access to investment possibilities in the Nigerian economy and to strengthen the expatriate community’s contributions to the country’s socioeconomic growth.
“The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment, reducing reliance on third parties to meet local commitments and obligations,” the CBN stated.
Holders of the accounts can operate both foreign currency (FCY) and local currency (Naira) accounts to facilitate transactions and diversify their investments.
Effective January 1, 2025, eligible Nigerians in the diaspora can open either account, subject to meeting know-your-customer (KYC) requirements. The CBN has promised to release comprehensive FAQs soon to guide the process.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018),” the apex bank clarified.
The launch follows an earlier announcement on October 24, 2024, in which the CBN disclosed plans to introduce the Non-Resident Bank Verification Number (NRBVN) by December 2024.
The NRBVN aims to simplify KYC processes for Nigerians abroad, enabling them to complete these procedures remotely while adhering to global anti-money laundering (AML) best practices.
By introducing these accounts and related initiatives, the CBN seeks to strengthen ties with Nigerians in the diaspora and leverage their economic potential to bolster the country’s growth.
