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.