The Central Bank of Nigeria (CBN) has launched two new account types, the non-resident Nigerian ordinary account and the non-resident Nigerian investment account, specifically for Nigerians in the Diaspora.
These innovative accounts are designed to encourage greater involvement from Nigerians in the Diaspora in the country’s economic development.
They offer secure, flexible, and convenient financial solutions. The new accounts will provide Diaspora Nigerians with enhanced opportunities to manage their funds, invest, and contribute meaningfully to Nigeria’s growth and prosperity.
The apex bank explained that the ordinary account allows seamless remittances of foreign earnings, such as salaries, dividends, and rental income into accounts held in freely convertible currencies, adding that “Nigerians in the Diaspora can now deposit their funds, which can be converted to naira at prevailing exchange rates, ensuring effortless access to Nigeria’s economic opportunities.
“This initiative enables account holders to meet personal needs, such as family maintenance, education, and healthcare, while also contributing to the country’s development.
“The ordinary account aligns with the CBN’s strategic objective to encourage capital inflow and participation in the local economy, while providing unrestricted repatriation of foreign currency balances.
“It also complies with global anti-money laundering and counter-terrorism financing standards, ensuring secure and transparent transactions.”
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Conversely, the investment account opens up a range of investment opportunities and allows Nigerians in Disapora to invest in both foreign and local currency assets, including bonds, equities, fixed deposits, government securities, and mortgage products.
It also integrates Diaspora participants into Nigeria’s Diaspora Bond and other debt instruments, fostering deeper financial connections between the nation’s economy and its citizens abroad.
“An essential feature of this account is capital mobility, where both principal and profits are fully repatriable. While tax obligations apply to investments, certain exemptions, such as those for government bonds, make the investment account an attractive option for Diaspora investors, looking to diversify their portfolios and contribute to Nigeria’s long-term growth.
“The CBN has streamlined the account registration process for non-resident Nigerians through digital platforms that facilitate onboarding and know your customer updates. Banks will be integrated with the Nigeria inter-bank settlement system, allowing Diaspora Nigerians to easily acquire Bank Verification Numbers (BVNs) and open accounts.
“These accounts provide secure, efficient, and transparent solutions for Diaspora Nigerians looking to manage their finances and invest in the future of their home country,” the CBN stated.
