The Central Bank of Nigeria (CBN) has launched two new account types aimed at enhancing financial inclusion for Nigerians living abroad.
In a move that could reshape the way the diaspora interacts with Nigeria’s financial system, the CBN introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
This announcement was made public in a circular signed by W.J. Kanya, the acting director of the CBN’s Trade and Exchange Department, on Friday.
The NRNOA, designed for non-resident Nigerians (NRNs), allows them to transfer their foreign earnings into Nigeria while managing their funds in both local and foreign currencies.
The initiative is part of broader efforts to integrate Nigeria’s diaspora more effectively into the country’s financial ecosystem, providing them with easier and more flexible ways to send money home and invest.
The CBN’s move reflects growing attention to the economic potential of the Nigerian diaspora, which remains a key source of remittances and investments for the country.
“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 local 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.”
Highlighting the benefits of the accounts, CBN said diasporans will have improved access to opportunities in the Nigerian economy and increased contribution of the diaspora community to the socio-economic development of Nigeria.
“NRNs can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.
“The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment, and reduce the reliance on third parties in meeting local commitments and obligations.
“Effective 1st January 2025, eligible NRNs shall have the opportunity to own any of the Non- resident Nigerian accounts, subject to meeting KYC requirements which will be made available in FAQs to be released soon.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018).”
On October 24, 2024, the Central Bank of Nigeria (CBN) revealed its intention to introduce the Non-Resident Bank Verification Number (NRBVN) by December 2024.
This initiative is designed to allow Nigerians living abroad to complete their Know-Your-Customer (KYC) requirements online, making it easier for them to access banking services while ensuring compliance with international anti-money laundering (AML) standards.
