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CBN introduces non-resident Nigerian accounts to boost diaspora investments

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Condolence: Senator Osunbor Leads ADC legal team to visit Amaechi over mother’s demise

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Former Governor of Edo State and National Legal Adviser of the African Democratic Congress (ADC), Senator Oserheimen Osunbor, on Monday led the legal team of the party on a condolence visit to the party’s vice presidential candidate, Hon. Rotimi Amaechi, in Port Harcourt, Rivers State.

The delegation visited Amaechi to sympathise with him and his family following the death of his mother, who recently passed away.

Senator Osunbor conveyed the condolences of the party’s leadership and members, praying for the peaceful repose of the deceased and for God to grant the bereaved family the strength and fortitude to bear the irreparable loss.

The visit underscored the ADC’s spirit of solidarity and support for one of its foremost leaders during a period of mourning.

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Amaechi expressed appreciation to Senator Osunbor and the delegation for taking the time to visit and stand with him and his family in their moment of grief. He thanked them for their prayers and words of encouragement.

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We didn’t go on evangelism to make Tinubu born again Christian -Onaiyekan replies Presidency

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The Archbishop Emeritus of Abuja, John Cardinal Onaiyekan, has stated that the Catholic Bishops’ Conference of Nigeria (CBCN) has no intention to respond to government spokespersons.

The Cardinal was reacting to the criticism from presidential spokespersons following his submission on the country’s economy and security.

The bishops had met with President Bola Tinubu at the State House, Abuja, on July 28, 2026.

Speaking in an interview with Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu in Ogun State on Monday, Onaiyekan asserted that the Catholic Bishops have already delivered their message to the President and were only interested in whether it would influence governance.

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He rejected suggestions that the bishops were speaking only for Catholics, saying their intervention was based on a moral responsibility to all Nigerians.

He said: “We didn’t go there just as Catholic bishops pushing the Catholic agenda. No. We went there as people who are with the spiritual mandate to speak to anybody in the name of God.”

On the Presidency’s reaction, Onaiyekan refused to engage in the controversy, saying, “I would not even answer that question. We have no response for them. We have spoken, and the only response we are waiting for is whether it is affecting the way they are governing.

“That some of the supporters of government and the state and spokesperson may have their own idea about what they think they should be saying on behalf of their principal, is their business, not mine.

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“As for response to the things we are hearing, I don’t even have to say anything because the social media is full of response from Nigerian people and that for me is more than enough.’’

The Cardinal explained that the audience with President Tinubu was initiated by the Catholic Bishops’ Conference of Nigeria after months of waiting for approval.

According to him, the meeting was neither intended as an evangelistic mission nor an attempt to advance the interests of the Catholic Church, but rather an opportunity to present the bishops’ concerns about governance and welfare of Nigerians as part of their pastoral responsibility.

“The Bishops visited President Tinubu last week and we requested for audience. It took some months before we were granted the audience, and we prepared to see him, and the main reason we wanted to see him was not to go on an evangelical mission.

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‘’We didn’t go there to preach to him and try to see whether we could convert him to our Catholic Church, but we went there to share our views and thoughts about the government which he heads, hoping that our ideas will be taken into consideration, So that is what took us to the statehouse,” he explained.

Expressing hope that the government would remain open to further engagement on issues affecting Nigerians, the Cardinal said: “We are hoping that our meeting with the President or our dialogue with the government of Nigeria did not end with that visit.”

He added that the bishops were still expecting the government to create another opportunity for a more detailed conversation.

“We are hoping that somehow, he will invite us, not necessarily to meet him, I mean President Tinubu, but at least to open up fairness for us to give more information, more concerns that we have, than we could give in the ten-minute talk that we gave to him,” he said.

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Ooni of Ife donates N100m, Hilux vehicle to support Sunday Igboho’s security outfit

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By Kayode Sanni-Arewa

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has donated N100 million and a brand-new Hilux vehicle to support the Iru Ekun Security Network, a community security outfit established by Yoruba Nation advocate, Chief Sunday Adeyemo, popularly known as Sunday Igboho.

The donation was announced on Tuesday during a courtesy visit by Sunday Igboho and members of the Iru Ekun Security Network to the Ooni’s Palace in Ile-Ife.

According to a statement issued by the Ooni’s Senior Media Officer, Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, the monarch described the security outfit as a timely initiative created to complement existing security efforts in protecting the lives and property of Yoruba people.

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The Ooni praised Sunday Igboho for what he described as his courage, resilience and commitment to the security and welfare of the Yoruba people. He said true leadership is reflected in selfless service and meaningful contributions to society.

He also said every son and daughter of Oduduwa has a responsibility to contribute to the peace, unity and development of Yorubaland, stressing that lasting development depends on a secure environment.

The monarch said the financial support and vehicle donation reflected his commitment to initiatives that promote peace, community harmony and the protection of Yoruba communities.

“I commend Chief Sunday Igboho for taking a bold step towards strengthening community security. Protecting our people is a collective responsibility that transcends political, religious and ideological differences. Every initiative genuinely designed to preserve lives and maintain peace deserves encouragement and support,” the Ooni stated.

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The Ooni also called on prominent Yoruba sons and daughters, traditional rulers, traditionalists, community leaders, business executives, professionals and other stakeholders across the world to support the Iru Ekun Security Network.

Describing Sunday Igboho as a courageous and determined patriot, the monarch said history would remember those who stood up to protect their people during critical moments.

“Our strength lies in our unity. When we speak with one voice and work together, no force can undermine the peace and progress of Yorubaland. This is the time for all lovers of Yoruba culture and heritage to unite for a common purpose,” the Ooni added.

Responding, Sunday Igboho thanked the Ooni for the financial support and encouragement given to the Iru Ekun Security Network.

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He described the traditional ruler as a leader whose humility, wisdom and commitment to Yoruba unity continue to inspire millions across the world.

“The Ooni is the father of all Yoruba people worldwide. He is God’s gift to our race. His love for the Yoruba nation, humility and kindness distinguish him among traditional rulers. I have come to receive his royal blessings as we continue our mission of protecting our people,” Igboho said.

He said the visit was also intended to brief the Ooni on the activities of the Iru Ekun Security Network and seek his continued guidance, prayers and endorsement for the initiative.

Igboho further revealed plans to organise a summit that would bring together traditional rulers from across Yorubaland to discuss practical solutions to the region’s security challenges.

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He said the proposed summit, subject to the Ooni’s approval and blessing, is expected to hold at the Ooni’s Palace in Ile-Ife, regarded as the ancestral and spiritual headquarters of the Yoruba people.

Igboho reaffirmed the commitment of the Iru Ekun Security Network to operating within the law while working with relevant authorities and local communities to promote peace, intelligence gathering and community policing across Yorubaland.

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