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 attracting Nigerian citizens living abroad.
CBN announced the launch on Friday in a circular signed by W.J Kanya, its acting director, trade and exchange department.
According to the apex bank, the 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.
“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 reads.
“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 the 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.
“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,” CBN said.
“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.
ALSO READ:CBN Mandates Banks, IMTOs To Pay Diaspora Remittances In Naira
“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).”
On October 24, 2024, CBN announced plans to unveil the non-resident bank verification number (NRBVN) for Nigerians in the diaspora by December of the same year.
During the forum themed “Optimizing Remittances to Nigeria: A Vision for the Future,” the Deputy Governor (Economic Policy), CBN, Muhammad Sani Abdullahi, emphasized the goal of enhancing remittance flows and strengthening Nigeria’s financial sector.
Remittances have been a significant source of financial inflows for Nigeria, averaging $20.5 billion annually over the past decade, according to the World Bank.
However, a large portion of these funds is directed toward immediate consumption rather than long-term investments that could drive economic growth.
The CBN, along with key financial stakeholders, aims to shift this approach by exploring how remittances can be better leveraged for national development.
