The Central Bank of Nigeria (CBN) has unveiled two new account types tailored for Nigerians living abroad: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In an official circular signed by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, the NRNOA is designed to enable Non-Resident Nigerians (NRNs) to transfer their foreign earnings to Nigeria and manage their funds in both foreign and local currencies.
The NRNIA allows NRNs to invest in Nigerian assets using either foreign currency (FCY) or the Naira.
Account holders will enjoy the flexibility of maintaining both foreign currency and Naira accounts, facilitating seamless transactions and diverse investment opportunities. This initiative aims to strengthen economic ties between the Nigerian diaspora and the local economy by encouraging increased participation in Nigeria’s financial and investment sectors.
The NRNIA also provides a strategic avenue for diaspora involvement in Nigerian bonds, including the Diaspora Bond, as well as other locally issued debt instruments.
By launching these accounts, the CBN seeks to enhance financial inclusion for Nigerians abroad, boost diaspora investments, and further integrate diaspora contributions into the nation’s socio-economic development.