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CBN introduces non-resident Nigerian accounts to boost diaspora investments
The Central Bank of Nigeria (CBN) has announced the launch of two specialised accounts, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
The bank disclosed this on Friday in a circular signed by its Acting Director of Trade and Exchange Department, W.J Kanya.
According to the circular, the initiative is aimed at fostering greater economic participation by Nigerians in the diaspora while enabling them to manage funds and invest in Nigeria with ease.
The NRNOA allows Non-Resident Nigerians (NRNs) to remit foreign earnings to Nigeria and manage their finances in both foreign and local currencies.
On the other hand, the NRNIA is designed to facilitate investments in Nigerian assets using either foreign currency or naira.
“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 locai currency (Naira). 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,” it read.
Through the NRNIA, diaspora Nigerians can invest in a range of financial instruments, including government securities, equities, and Nigeria’s diaspora bond, with a focus on enhancing their contribution to the nation’s socio-economic development.
The accounts will provide a direct, secure channel for managing funds, reducing reliance on intermediaries, and promoting transparency in financial transactions.
The CBN stated that these accounts offer significant benefits, including improved access to the Nigerian economy, increased diaspora contributions, and streamlined processes for fulfilling local commitments such as education and healthcare expenses.
The NRNOA facilitates the remittance of foreign income such as salaries, allowances, dividends, and rental earnings.
Account holders can fully repatriate their FCY balances without restrictions and convert funds into naira at prevailing exchange rates.
Similarly, the NRNIA supports investments in both local and foreign currency-denominated assets, with profits and principal also repatriable without limitation.
To ensure compliance with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards, the accounts are subject to strict regulatory oversight.
Additionally, tax policies will apply to interest and investment earnings, except for exemptions such as government bonds.
Account holders may maintain balances in freely convertible foreign currencies as specified by the CBN. Additionally, they have the option to maintain a Naira account for investments in local currency assets.
The NRNIA provides flexibility for investments in both local and foreign currency assets, including equities, government securities, and mortgage products. Balances are held in freely convertible foreign currencies as specified by the Central Bank of Nigeria, with the option of a Naira account for local investments.
Account holders benefit from full repatriation of funds, negotiable interest rates, and compliance with global AML/CTF standards to ensure secure transactions. Eligibility requires proof of Nigerian citizenship or residency, along with documentation such as utility bills, tax receipts, or bank statements.
Digital platforms streamline onboarding and KYC updates, enabling efficient account management and integration with the BVN system.
Funds in NRNOA and NRNIA accounts can be freely repatriated, with Naira balances subject to proof of conversion from foreign inflows.
Local deposits are restricted to traceable proceeds linked to foreign currency transactions. Cash withdrawals must follow local regulations, and transfers to local accounts are allowed only in Naira.
NRNs can invest in both local and foreign currency instruments, though Nigerian market investments are in Naira.
The bank said investments are subject to taxes, with exemptions for government bonds, while inquiries should be directed to the Central Bank of Nigeria’s Trade and Exchange Department.
To open these accounts, NRNs must present valid documentation, including proof of Nigerian citizenship and residency.
The CBN has also introduced digital platforms to streamline onboarding and Know-Your-Customer (KYC) updates, ensuring convenience for diaspora Nigerians.
Effective from 1 January, eligible NRNs can open these accounts through authorised banks.
The initiative aligns with the CBN’s broader strategy to attract diaspora investments, deepen financial market participation, and bolster foreign exchange inflows.
This policy operates in tandem with the CBN’s Foreign Exchange Manual (2018), providing a structured framework for facilitating diaspora investments and financial management.
Iran has carried out the execution of two individuals accused of collaborating with Israeli intelligence, according to an official statement from the country’s judiciary.
Authorities said the two men were convicted on charges of espionage linked to Mossad, and were found guilty of working with what officials described as a hostile intelligence network operating within Iran.
According to the judiciary, the suspects had been under investigation for activities considered detrimental to national security.
Their death sentences were subsequently upheld by the country’s Supreme Court prior to being enforced.
The executions were confirmed on April 20, 2026, although officials did not provide specific details regarding the exact time or location.
Iranian authorities stated that the case is part of ongoing efforts to counter and dismantle foreign intelligence operations within its borders.
There has been no independent confirmation of the allegations, and Israeli authorities have not issued any immediate response.
The incident reflects the persistent strain in relations between the two countries, with Iran frequently reporting the uncovering of alleged espionage networks tied to Israeli operatives.
President Bola Ahmed Tinubu has approved the establishment of a new campus of the Police Academy in Erinja, Yewa South Local Government Area in Ogun State.
President Tinubu also approved a special take-off grant of N15billion for the college.
The President’s approval was in fulfilment of the provisions of the Nigeria Police Academy (Establishment) Act, 2021, particularly with respect to the expansion of the Police Academy based in Wudil, Kano state, into multiple campuses across the country.
The intervention fund will be sourced from the TetFund 2026 allocation to finance priority infrastructure, academic facilities, student accommodation, and core training assets.
A high-level consultative meeting involving the Minister of Police Affairs, the Minister of Education, Dr Tunji Alausa, officials of the Federal Ministry of Education, the Inspector-General of Police and the Executive Secretary of the National Universities Commission (NUC) recommended the siting of the new campus in Erinja.
The meeting considered student intake capacity, funding realities, academic quality assurance, and the long-term needs of the Nigerian Police Force, which is currently recruiting more men.
President Tinubu believes the expansion will strengthen institutional governance, modern policing education and national security.
The People’s Democratic Party (PDP), South West Zone, has disowned a press conference purportedly held in Ibadan on Monday, which claimed that the zone had condemned the former governor of Ekiti State, Ayodele Fayose, declared support for Governor Makinde of Oyo State and loyalty to a Turaki-led National Working Committee.
In a statement issued on Monday, the Zonal Publicity Secretary, Akinloye Oyeniyi, described the event as the work of organised impostors who do not represent the party at any level.
“The Zonal Chairman, Engr. Deji Doherty, was away in Abuja attending the 108th meeting of the National Executive Committee of our great party and no zonal officials held any press conference. The claim of an Ibadan press conference is therefore a barefaced lie,” Oyeniyi said.
The statement said those behind the Ibadan gathering do not speak for the party, hold no mandate, and are not recognised by any organ of the PDP from ward to national level.
Oyeniyi further said the illegality of the group was very pronounced, noting that they do not even have a Zonal Vice Chairman, which is very significant for any structure claiming to speak for the PDP South West.
“These are the ones whose agenda was to destabilise the party but they failed. Looking at them, one could see that their group is now a psychiatric ward with no staff. Destabilising elements always end up as wanderers. Karma never forgets, and wickedness by default carries consequences too,” the statement read.
According to Oyeniyi, “these ones slung toboggan, and now the stones are expectedly raining on them, and their current noise and theatrics will not substitute for acceptance by party members or the public.”
The PDP South West said its loyalty to the Abdulrahman-led National Working Committee and the National Leader, His Excellency Nyesom Wike remains unalloyed and also advised the impostors to retrace their steps and rejoin the party through the proper channels, rather than constituting themselves into a nuisance, as no amount of media stunts or paid propaganda will confer any legitimacy on illegitimacy.
He urged the general public, party faithful, and the media to disregard the publication, stating that official communications of the PDP South West Zone would continue to come only through recognised party channels in the zone under the leadership of Engr. Deji Doherty.
Iran executes two men over spying for Israel
Tinubu approves N15bn take off grant for new police academy
PDP South West Disowns Ibadan Press Conference, Calls Organisers Criminal Impostors
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