The Central Bank of Nigeria (CBN) has introduced two new types of accounts: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). This initiative was announced in a circular dated January 10, 2025, and signed by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department.
The NRNOA is designed to allow non-resident Nigerians (NRNs) to remit their foreign earnings into Nigeria, offering the flexibility to manage funds in both foreign and local currencies. This account targets personal financial needs such as family support, education, and healthcare, while also aiming to facilitate direct contributions to Nigeria’s socio-economic development.
On the other hand, the NRNIA focuses on investment, enabling NRNs to invest in Nigerian assets using either foreign currency or Naira. This account opens up avenues for investments in domestic bonds, fixed deposits, equities, government securities, and mortgage products, providing a secure environment for managing and repatriating funds without restrictions.
Both account types are part of a broader strategy by the CBN to attract diaspora remittances, which have been a significant source of foreign exchange for Nigeria, averaging $20.5 billion annually over the past decade according to World Bank data. The initiative aims to enhance the participation of the Nigerian diaspora in the nation’s economy, offering them a direct and secure method to manage their finances and invest in Nigeria.
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To open these accounts, eligible NRNs must meet specific Know Your Customer (KYC) requirements, which will be detailed in forthcoming Frequently Asked Questions (FAQs). The CBN has also introduced digital platforms to streamline the onboarding process, making it easier for Nigerians abroad to access these financial services. Banks are now integrating with the Nigeria Inter-Bank Settlement System (NIBSS) to facilitate remote Bank Verification Number (BVN) acquisition, essential for opening these accounts.
This development comes at a time when the Nigerian government is actively seeking to increase foreign capital inflows, with the CBN’s policy aligning with broader economic objectives to stabilize and grow the national economy through diaspora engagement. The initiative has been met with positive feedback on social media platforms, where Nigerians in the diaspora have expressed enthusiasm for the potential ease of managing their finances back home.
The accounts are expected to be fully operational from January 1, 2025, offering a new era of financial inclusivity and economic participation for Nigerians worldwide. However, local deposits into these accounts are prohibited, with the exception of traceable proceeds from approved local investments linked to prior foreign currency inflows.
