CBN Unveils Account To Attract Investments From Nigerians In Diaspora

Central Bank of Nigeria (CBN) has introduced a non-resident Nigerian Investment Account (NRNIA) and Non-Resident Nigerian Ordinary Account (NRNOA) to manage funds (both in foreign and local currencies) from Nigerians in diaspora.

The apex bank disclosed this on Friday in a circular signed by W.J. Kanya, acting director, Trade and Exchange Department. It stated that with the NRNOA, non-resident Nigerians (NRNs) will be able to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.

It read, “The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNs) to invest in assets in Nigeria in either foreign currency (FCY) or local currency (Naira).”

“Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities.”

The bank also explained that NRNs can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.

The account is also to serve as a conduit for NRNs to manage their funds directly in a safe and secure environment, and reduce the reliance on third parties in meeting local commitments and obligations.

According to the bank, effective January 1st 2025, eligible NRNs shall have the opportunity to own any of the non- resident Nigerian accounts, subject to meeting KYC requirements which will be made available in FAQs to be released soon.

“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018),” it added.