The Central Bank of Nigeria (CBN) announced the launch of two new account products targeted at Non-Resident Nigerians (NRNs): the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), which was unveiled on Friday, January 10, 2025.
These accounts were designed to facilitate remittances, financial management, and investments for NRNs.
The NRNOA enables Non-Resident Nigerians to remit their foreign earnings to Nigeria while managing funds in foreign and local currencies.
The NRNIA, on the other hand, offers NRNs the opportunity to invest in Nigerian assets using either foreign currency (FCY) or local currency (LCY).
Account holders can maintain the FCY and local currency (LCY) accounts, streamlining their ability to participate in diverse investment opportunities.
In a statement signed by Dr W.J. Kanya, Acting Director of the Trade and Exchange Department, the Central Bank of Nigeria (CBN) outlined the key benefits of the newly introduced accounts for Non-Resident Nigerians (NRNs). These benefits include:
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.
Furthermore, effective January 1, 2025, all eligible NRNs will have the opportunity to own the Non-resident Nigeria Accounts, subject to meeting KYC requirements, which will be made available in FAQs to be released soon.
