…as CBN Unveils Non-resident Accounts to Boost Diaspora Investments, Remittances
The Central Bank of Nigeria (CBN) on Friday introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) which aim at enhancing foreign capital inflows through investments and remittances by Nigerians in the diaspora.
According to the apex bank, while the NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, the NRNIA enables citizens living abroad to invest in assets in Nigeria in either foreign currency (FCY) or Naira.
The new central bank policy was conveyed in a circular dated January 10, 2025, and signed by CBN acting Director, Trade and Exchange Department, Dr. W.J. Kanya, which was addressed to all Authorised Dealer Banks (ADBs) and the public.
The apex bank further unveiled framework to guide the implementation of the policy.
Under this policy, account holders may maintain both a FCY account and/or a local currency account to facilitate transactions and participate in diverse investment opportunities, the apex bank stated.
Among other benefits, the CBN said the initiative would improve access for NRNs to opportunities in the Nigerian economy and increased contribution of diaspora community to the country’s socio-economic development.
