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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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INEC ought to have archived recall petition long ago-Senator Natasha

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Senator Natasha Akpoti-Uduaghan on Thursday hailed the Independent National Electoral Commission (INEC) for rejecting a petition to recall her as the lawmaker representing Kogi Central Senatorial District.

The lawmaker, who was a guest on Channels Television’s Politics Today, said the electoral umpire should have thrown out the petition long before it did on April 3, 2025.

“I’m a lawyer. I’m a senator and I understand how Nigeria works. For me, the most important thing is this recall process has been stalled.

“I give kudos and credit to INEC even though I believe they should have thrown it away from the get-go.

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“I think it was void ab initio because there is no law in the Electoral Act that says a petition should be discarded just because there is no address but again, what if the address is false?”

The Peoples Democratic Party (PDP) chieftain argued that most of the addresses provided in the petition for her recall were false because most houses in her district weren’t labelled.

Even though INEC did count 208,000 signatures, I bet you if they had gone into the verification stage, they would have struggled to even have 500 people come out to attest to signing that,” she added.

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We’re putting together new 2025 Budget for Rivers-Ibas

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…hosts Delegation Of Rivers NASS Caucus

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok Ete Ekwe Ibas, has said that an appropriation bill for 2025 is being articulated to provide for critical development concerns in healthcare delivery, education, agriculture and infrastructure.

Vice Admiral (Rtd) Ibas also said that the anticipated budget will cater to creating more employment opportunities for Rivers people and advance delivery of technology in critical facets of public life.

The administrator gave the hint when he hosted the delegation of Rivers State caucus at the National Assembly, led by Dr Barinada Mpigi, the Senator representing Rivers South-East District, at Government House in Port Harcourt on Thursday.

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Those on the delegation included Senator Allwell Onyesoh, the minority leader of the House of Representatives, Rep. Kingsley Chinda, Hon Dumnamene Dekor, Hon Solomon Bob, Hon Cyril Godwin Hart,
Hon Blessing Amadi, Hon. Felix Nwaeke, Hon Kelechi Nwogu, and Hon Victor Obuzor

Ibas said he has been resolute, since assumption of office, to restore law and order, and with support from the security agencies, an environment has been created where Rivers residents feel valued and safer.

The Administrator stated that the commitment is to make Rivers a model of peace in the comity of States, with a stable economy and citizens courageous to pursue their livelihood without fear or molestation.

“In addition to our peace building efforts, we are also focused on the economic stability and development of Rivers State.

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“Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services, and continued infrastructural development.

“We have worked diligently to ensure that the process is transparent, inclusive, and most importantly expedited. Our goal is to ensure that we do not lose any more time in making the necessary investments that will improve the lives of citizens.”

Vice Admiral (Rtd) Ibas stated: “The budget which is been finalized focuses on creating job opportunities and investing in key sectors such as agriculture, infrastructure, and technology.

“We understand the urgency of this initiative, and we are committed to ensuring that they are implemented without delay.”

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The Administrator noted that to get the task done, the support of the legislators will be required as key representatives of Rivers State in the National Assembly.

He sued for their assistance in securing the necessary resources and legislative backing that would bring the initiative of his administration to fruition.

“Your partnership is critical to success in ensuring that Rivers State remains on the path of progress and enduring peace for future generations.”

He explained that in the face of the challenges that beset Rivers, which led to the State of emergency declared by President Bola Tinubu, dialogue, community engagement and reconciliation were deplored to build trust among the citizenry.

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He noted that the people of Rivers State have shown incredible resilience and patience in the efforts taken so far to restore the State back to the path of peace and respect for the law.

Vice Admiral (Rtd) Ibas assured that his administration remains committed to achieving enduring peace for the state.

He said: “Beyond security, we have prioritised community engagements as a central part of our strategy. Dialogue, reconciliation, and inclusivity have been key to building trust among our people.

“We are determined to strengthen the bond of unity in Rivers State and to foster an environment where every citizen feels valued, heard, and respected. Together, we are making strides in ensuring that peace becomes a permanent feature of our state.”

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Responding, Senator Barinada Mpigi, representing Rivers South-East District, said they are dedicated representatives of Rivers people at the National Assembly and resolved to support all efforts that will bring development to the State.

While commending the administrator for the modest successes he had achieved so far, Senator Mpigi pledged the support and cooperation of the legislators to ensure the return of the state on the path of law and order.

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Just in: Shettima jets out to attend Senegal’s independence

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Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.

The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.

Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.

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The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.

A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.

This underscored the strong diplomatic and economic ties between Nigeria and Senegal.

The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.

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The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.

Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.

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