The Central Bank of Nigeria (CBN) has introduced two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), designed to attract Nigerian citizens living abroad and boost their contributions to the country’s economy.
In a statement released on Friday, the CBN explained that the initiative aims to enhance access for Non-Resident Nigerians (NRNs) to opportunities within the Nigerian economy while providing a secure platform for managing their funds. The launch of these accounts is set to take effect from January 1, 2025, with eligible NRNs required to meet Know Your Customer (KYC) requirements.
Account holders can maintain both foreign and naira accounts, enjoy full repatriation of balances in foreign accounts, and freely convert funds to naira at prevailing exchange rates through authorized dealers. Interest earned on deposits will be subject to applicable federal taxes.
Valid or expired Nigerian passports may be accepted for account opening, provided they are accompanied by a valid foreign passport or proof of residency. Alternatively, evidence of Nigerian parentage alongside a valid foreign passport may suffice.
The CBN’s initiative follows its October 2024 engagement with the Nigerian Diaspora community in Houston, Texas. The forum, themed “Optimizing Remittances to Nigeria: A Vision for the Future,” focused on enhancing remittance flows and leveraging them for national development.
Deputy Governor (Economic Policy), Muhammad Sani Abdullahi, highlighted the need to transition remittance usage from immediate consumption to long-term investments that can drive economic growth.
Remittances have averaged $20.5 billion annually over the past decade, according to the World Bank. However, a significant portion of these funds has been channeled toward consumption rather than investments.