CBN bars local deposits for newly launched diaspora-focused accounts 

This directive, outlined in a circular issued by the apex bank on January 10, 2025, highlights the CBN’s focus on channelling external inflows and diaspora investments into the nation’s economy.

The restriction is part of a broader framework to ensure the accounts serve their intended purpose of boosting remittances and investments from the diaspora.

The NRNOA and NRNIA accounts aim to provide Nigerians in the diaspora with secure platforms to manage funds and invest in Nigeria’s financial markets.

The CBN highlighted that these accounts would provide greater flexibility for NRNs to diversify their investment portfolios while contributing to Nigeria’s economic development.

To ensure compliance with this framework, the CBN has outlined strict guidelines for local transfers. Transfers from these accounts to other local accounts within Nigeria are permitted only in Naira, with no provision for such funds to originate locally unless linked to approved investment proceeds.

The CBN clarified that this measure is essential to maintain the integrity of the accounts as tools for external remittances and diaspora investments.

The apex bank has also emphasised the integration of digital platforms to facilitate seamless onboarding and account management. Partnering with the Nigeria Inter-Bank Settlement System (NIBSS), banks are mandated to offer digital solutions for issuing Bank Verification Numbers (BVNs) and enabling remote Know-Your-Customer (KYC) updates.