The Central Bank of Nigeria (CBN) has unveiled two innovative accounts to enhance financial participation for Nigerians living abroad. Effective January 1, 2025, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) aim to simplify fund management and investment opportunities.
“These accounts offer the diaspora a secure and seamless way to contribute to Nigeria’s economy while managing their finances directly,” the CBN stated on Friday. The initiative seeks to increase diaspora remittance inflows, which averaged $20.5 billion annually over the past decade, according to the World Bank.
Simplifying Investments and Fund Repatriation
The NRNOA allows users to manage funds in foreign and local currencies, repatriate balances freely, and convert them into naira at official rates. Meanwhile, the NRNIA supports investment in Nigerian assets, with principal and profits fully repatriable, ensuring ease of capital mobility.
“These accounts reduce reliance on third parties, empowering Nigerians abroad to optimize their financial potential,” said Muhammad Sani Abdullahi, CBN’s Deputy Governor for Economic Policy.
Streamlining Requirements
Eligible applicants, including those with valid or expired Nigerian passports, can access these accounts by meeting Know Your Customer (KYC) standards. The CBN’s recently concluded diaspora forum in Houston, Texas, highlighted the importance of redirecting remittance flows toward sustainable investments.
“Remittances must go beyond immediate consumption to fund long-term growth,” Abdullahi emphasized during the event, themed “Optimizing Remittances to Nigeria: A Vision for the Future.”
Driving Socio-Economic Development
Interest earned on deposits will be subject to federal taxes, aligning with national economic goals. The CBN hopes this initiative will channel diaspora contributions toward infrastructural and economic development while offering participants financial flexibility.
