The Central Bank of Nigeria (CBN) has launched two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), aimed at enhancing diaspora contributions to the country’s economy.
The announcement, made on Friday, January 11, 2024, by the acting Director of Trade and Exchange, W.J. Kanya, revealed that the initiative took effect on January 1, 2025.
Non-Resident Nigerian Ordinary Account (NRNOA): Enables Nigerians living abroad to remit foreign earnings to Nigeria while managing funds in both foreign and local currencies.
Non-Resident Nigerian Investment Account (NRNIA): Allows diaspora Nigerians to invest in local assets using either foreign currency (FCY) or Naira, with options to maintain accounts in both currencies.
The accounts provide a secure and direct avenue for fund management, reducing reliance on intermediaries for meeting financial commitments in Nigeria.
According to the CBN, the policy will increase diaspora remittances and foster greater participation in Nigeria’s economic growth. The accounts also enable access to investment opportunities such as the Diaspora Bond and other debt instruments.
“The initiative is expected to enhance the contribution of the diaspora community to Nigeria’s socio-economic development,” the statement read.
Eligible Non-Resident Nigerians (NRNs) can open these accounts, subject to Know Your Customer (KYC) requirements. The CBN has assured that more detailed guidelines and FAQs will be released soon.
This policy follows the CBN’s recent decision to suspend approvals for the extension of export proceeds repatriation, signaling an intensified focus on improving foreign exchange inflows.
The CBN’s move is part of broader efforts to bolster the nation’s reserves and expand its economic base through enhanced diaspora participation.
