The Central Bank of Nigeria (CBN) has introduced two new account types— the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—designed to attract diaspora investments and remittances, thereby boosting foreign capital inflows into the country.
The NRNOA allows Nigerians living abroad to remit foreign earnings to Nigeria and manage funds in both foreign and local currencies.
In contrast, the NRNIA enables them to invest in Nigerian assets using either foreign currency (FCY) or Naira.
This new policy was disclosed in a circular signed by Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department, and addressed to Authorised Dealer Banks (ADBs) and the public.
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The circular also includes a framework for the implementation of the initiative.
Under the policy, account holders can maintain FCY and/or Naira accounts, enabling seamless transactions and access to a wide range of investment opportunities in Nigeria.
According to the CBN, the initiative will strengthen the Nigerian economy by increasing diaspora contributions to socio-economic development.
Non-resident Nigerians (NRNs) can leverage their NRNIA to invest in various instruments, including Nigeria’s Diaspora Bond and other local debt offerings designed for the diaspora or general investors.
The accounts offer a secure and direct platform for NRNs to manage their funds, minimizing reliance on intermediaries for meeting obligations such as education, healthcare, or family upkeep.
Balances in both the NRNOA and NRNIA accounts, including investment returns, can be fully repatriated without restrictions, enabling seamless capital mobility for account holders.
Interest earned on deposits is subject to Nigerian tax laws, while account holders can negotiate interest rates directly with their preferred banks.
To ensure accessibility, banks are mandated to adopt digital platforms, such as the NIBSS NRBVN system, to streamline onboarding and simplify KYC processes for diaspora customers.
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The CBN clarified that the accounts are available to eligible Non-Resident Nigerians starting January 1, 2025, provided they meet Know Your Customer (KYC) requirements. These guidelines will be outlined in a forthcoming FAQ document.
Funds held in NRNOAs will be maintained in freely convertible foreign currencies approved by the CBN, with the option to convert into Naira at prevailing exchange rates. The accounts can be used for depositing foreign income, including salaries, allowances, dividends, and rental income, as well as covering personal expenses in Nigeria.
Similarly, NRNIA account holders can hold FCY or Naira accounts to facilitate investments in financial markets and instruments. The CBN emphasized that this initiative aligns with existing regulations under Memorandum 17 of the CBN Foreign Exchange Manual (2018).
By implementing these accounts, the CBN aims to simplify financial inclusion for Nigerians abroad, foster investment in the local economy, and provide a structured mechanism for diaspora contributions to national development.
