CBN launches new accounts to attract Nigerian diaspora investments 

In a statement released on Friday, the CBN emphasized that these accounts will enhance access for Non-Resident Nigerians (NRNs) to opportunities within the Nigerian economy and boost their contribution to the socio-economic development of the country.

According to the CBN, these accounts will provide NRNs with a secure environment to manage their funds directly, reducing their reliance on third parties for local commitments and obligations.

Effective January 1, 2025, eligible NRNs can open these accounts, subject to meeting Know Your Customer (KYC) requirements detailed in an upcoming Frequently Asked Questions (FAQs) release.

The NRNOA allows non-resident Nigerians to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. The NRNIA, on the other hand, enables them to invest in assets within Nigeria, either in foreign or local currency.

In October 2024, the CBN led a team comprising the Nigeria Inter-Bank Settlement System (NIBSS), major Nigerian banking institutions, and International Money Transfer Operators (IMTOs) to engage with the Nigerian Diaspora community in Houston, Texas, United States.

During the forum themed “Optimizing Remittances to Nigeria: A Vision for the Future,” the Deputy Governor (Economic Policy), CBN, Muhammad Sani Abdullahi, emphasized the goal of enhancing remittance flows and strengthening Nigeria’s financial sector.

The CBN, along with key financial stakeholders, aims to shift this approach by exploring how remittances can be better leveraged for national development.