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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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Man walking from Ibadan to Abuja to Meet Tinubu Stranded, Begs for Help

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A young man known as Mr. Nigeria101, who embarked on an ambitious mission to trek from Ibadan to Abuja since December 1, 2024, has issued a heartfelt plea for assistance after becoming stranded.

His journey, which he described as a demonstration of loyalty to President Bola Ahmed Tinubu, is aimed at delivering a letter he claims represents the collective voices and concerns of Nigerian youths. Despite reportedly covering over 600 kilometers, his efforts have gone largely unnoticed by both the government and the public.

In a series of emotional videos shared on his TikTok account, Mr. Nigeria101 detailed his struggles and called on Nigerians for help. The videos, which have since garnered significant attention, reveal the extent of his frustration and exhaustion.

Speaking directly to the camera, he said:

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“Nigerians, please come to my aid. I need your support. Have mercy on me. I have been on this trekking mission since December 1st last year from Ibadan to Abuja to meet Mr. President Bola Ahmed Tinubu to read out this message to him that Nigerians are suffering.

Nobody wants to attend to me; nobody wants to pay attention to me. I have trekked to the extent that my spirit has almost left my body.”

The young man’s plight has drawn mixed reactions, with some applauding his determination while others question the effectiveness of such actions in addressing Nigeria’s challenges.

Mr. Nigeria101’s journey has taken a more desperate turn as he vows to continue his trek to Abuja, even if it means wandering indefinitely or sacrificing his life. He has expressed his intention to protest until President Tinubu acknowledges his efforts and the message he carries on behalf of struggling Nigerians.

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The contents of the letter, according to him, highlight the difficulties faced by ordinary citizens, particularly the youth, amid the prevailing economic hardships in the country.

Observers note that his actions reflect the growing frustration among young Nigerians, who often feel unheard and overlooked by those in power. Whether his efforts will result in an audience with the President remains uncertain, but his story has sparked conversations about the lengths citizens are willing to go to make their voices heard.A determined young man known as Mr. Nigeria101, who embarked on an ambitious mission to trek from Ibadan to Abuja since December 1, 2024, has issued a heartfelt plea for assistance after becoming stranded.

His journey, which he describes as a demonstration of loyalty to President Bola Ahmed Tinubu, is aimed at delivering a letter he claims represents the collective voices and concerns of Nigerian youths. Despite reportedly covering over 600 kilometers, his efforts have gone largely unnoticed by both the government and the public.

In a series of emotional videos shared on his TikTok account, Mr. Nigeria101 detailed his struggles and called on Nigerians for help. The videos, which have since garnered significant attention, reveal the extent of his frustration and exhaustion.

Advertisement

Speaking directly to the camera, he said:

“Nigerians, please come to my aid. I need your support. Have mercy on me. I have been on this trekking mission since December 1st last year from Ibadan to Abuja to meet Mr. President Bola Ahmed Tinubu to read out this message to him that Nigerians are suffering.

Nobody wants to attend to me; nobody wants to pay attention to me. I have trekked to the extent that my spirit has almost left my body.”

The young man’s plight has drawn mixed reactions, with some applauding his determination while others question the effectiveness of such actions in addressing Nigeria’s challenges.

Advertisement

Mr. Nigeria101’s journey has taken a more desperate turn as he vows to continue his trek to Abuja, even if it means wandering indefinitely or sacrificing his life. He has expressed his intention to protest until President Tinubu acknowledges his efforts and the message he carries on behalf of struggling Nigerians.

The contents of the letter, according to him, highlight the difficulties faced by ordinary citizens, particularly the youth, amid the prevailing economic hardships in the country.

Observers note that his actions reflect the growing frustration among young Nigerians, who often feel unheard and overlooked by those in power. Whether his efforts will result in an audience with the President remains uncertain, but his story has sparked conversations about the lengths citizens are willing to go to make their voices heard.

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MEET Ibrahim Mahama’s footballer son who is set to join a club in Germany

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By Kayode Sanni-Arewa

Amer Mahama, the son of business mogul Ibrahim Mahama, is an emerging talent reportedly set for a move to Europe after impressing in Ghana’s lower-tier league.
Amer is an attacking midfielder who plays for the lower-tier side Nice Ibrahim Sporting Club, based in Tema.

Known for his technical abilities, Amer is an exciting prospect with immense potential to become a top player.

Speaking to MO TV on YouTube, he confirmed drawing interest from an unnamed German club and stated he is set to join at the end of the current campaign.

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“Hopefully, by the end of this campaign, I will go to Germany. Hopefully, I can make a name for myself,” he said.

The youngster also expressed his desire to represent Ghana, but indicated that his progress will determine.

“It depends on my progress. Yeah, maybe (I’ll play for Ghana).”

Amer Mahama’s strengths include his passing and vision, combined with his dribbling skills and ability to create chances.

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Dunamis Healing Miracles Are Not Authentic -Former Pastor Alleges

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Ex-Dunamis International Gospel Centre (DIGC) pastor, Abraham Daniel, has alleged that the miracles performed by the Senior Pastor, Paul Enenche, the church’s leader, are not genuine.

In an interview with Kaa Truths, Daniel disclosed his reasons for leaving the church, citing frustration over what he described as the church’s flawed approach to “healing and deliverance.”

He said after every healing and deliverance service, they often have more people seeking healing than those who initially attended for it.

He likened the atmosphere during the services to a high-pressure situation, comparing it to the chaos of a stadium crowd reacting to the presence of a dangerous animal.

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“When people see the crowd, they do the unthinkable. It’s like hearing there’s a lion nearby; even a crippled might jump the fence,” he said.

He further explained that the massive crowds at Dunamis services often compel people to act out of desperation.

He said, “I would tell you that healing is capital no. And it is with due respect to him and to Dunamis Church, I have nothing to lose or gain. The miracles are not real, they don’t happen.

“Let let me tell you give you an instance. One major reason why I left is the frustration I had. After healing and deliverance service, we have more people that need healing than people that came for healing. I don’t know whether you got me.”

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Abraham said, “The healing service, you see people still want to see daddy for prayer. People are frustrated. You could see frustration.

“And as a pastor, you know, because when daddy has gone, the Wahala now is left for us because they have to meet us. Oh, pastor, please, I need to see daddy. I brought this person. I brought that person. And people, oh, I’m like, ho? Where do I start from? Like, you could see pain.”

He said, “You see, let me tell you something. When you’re on the stage it’s different from reality.

“When you are in a crowded atmosphere charged with, you know, you know, disco light and bang bang bang or the music is slow, your emotion is being tapped into. It’s different ball game on when the lights are off and you have to face reality.”

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He said, “There’s what I call environmental influence. For instance, if you are aware of BurnaBoy or Davido or Michael Jackson is doing event and, and, maybe you had malaria or, maybe headache.”

According to Abraham, “You could go away with the dance. You won’t even remember you had headache. But when everyone has gone, this thing dey disturb me. That is when reality comes.

“Or maybe you are in a stadium and they said a tiger is here. If you’re not careful, a crippled will jump the fence. A crippled will jump the fence. A tiger is here or a lion is here.

“People will do the what the unthinkable. Now that is what I call the environmental effect,” Abraham added.

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Recall the latest update, that the Force Intelligence Department of the Nigerian police has released Alex Enenche, the younger brother of Pastor Paul Enenche, and Abraham Daniel, a former pastor at Dunamis Church, on bail.

Alex Enenche and Daniel were arrested and detained on January 7, 2025, but were released the following day (Wednesday) after an agreement was reached to resolve the matter amicably.

Alex Enenche and Abraham Daniel were instructed to report back to the Force Intelligence Department (FID) on Friday, January 10, 2025, and Monday, January 13, 2025.

SaharaReporters reported on Tuesday that FID had detained Daniel and Alexander Eneche, following their appearance at the department in response to a police invitation.

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They were accused of cyberbullying and criminal defamation against Pastor Paul Enenche, the founder and Senior Pastor of Dunamis International Gospel Centre, Abuja.

This development came after Pastor Daniel publicly accused Pastor Enenche of reneging on a gentleman’s agreement between them.

Barrister Ernest Okpaga, the legal representative of the detained individuals, told SaharaReporters that his clients were detained after honouring the police invitation.

He explained that they arrived at the FID office at 1 pm on Tuesday, only to have their statements taken after hours of waiting, around 8 pm, and subsequently detained without explanation.

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“No clear reason has been given for their detention, even though they cooperated fully with the police,” Okpaga stated.

In a previous report, SaharaReporters revealed that family members of Pastor Daniel and Alexander Eneche had expressed concerns about their whereabouts after they responded to a police invitation.

However, sources close to the matter later informed SaharaReporters that the two individuals were still in police custody, leaving their family members worried and uncertain about their fate.

Meanwhile, in the invitation letters sent to Daniel and Alexander Enenche, dated January 3, 2025, the Deputy Inspector General of Police, Force Intelligence Department (FID), Abuja, invited them to report to the department for questioning.

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