CBN Introduces New Accounts for Nigerians in Diaspora
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has introduced two new account types specifically designed for Nigerians residing abroad: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
This initiative, outlined in a circular issued by the CBN, aims to facilitate easier and more secure financial transactions for Nigerians in the diaspora, enabling them to more effectively participate in the Nigerian economy.
The NRNOA allows Nigerians residing abroad to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. Account holders can maintain both foreign currency (FCY) and local currency (Naira) accounts, facilitating personal expenses such as family maintenance, education, and healthcare. Funds can be freely converted between foreign currency and Naira at prevailing exchange rates through Authorized Dealers.
The NRNIA, on the other hand, enables Nigerians in the diaspora to invest in Nigerian assets, including foreign currency and local currency-denominated investments. This includes investments in equities, government securities, mortgage products, and other eligible local and foreign currency-denominated instruments.
Both account types prioritize ease of use and security. Funds held in the NRNIA, including investment principal and profits, can be fully repatriated out of Nigeria without restriction.
Eligibility for both accounts requires a valid Nigerian passport or valid foreign passport with evidence of Nigerian citizenship. Proof of residency and income verification are essential.
The CBN has emphasized that these accounts align with international anti-money laundering and counter-terrorism financing (AML/CFT) standards, ensuring secure and transparent financial transactions.
The introduction of the NRNOA and NRNIA is expected to significantly enhance financial inclusion for Nigerians in the diaspora, facilitating their participation in the Nigerian economy and strengthening economic ties between Nigeria and its citizens abroad.
