CBN Introduces New Financial Accounts for Non-resident Nigerians

The Central Bank of Nigeria (CBN) has announced the launching two financial accounts for Nigerians living abroad.

This was contained in  a circular signed by W.J. Kanya, Acting Director of the Trade and Exchange Department on January 1, 2025.

These accounts, the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA), seeks to enhance the involvement of Nigerians in the diaspora in the country’s economy.

The NRNOA will facilitate the management of foreign earnings in foreign and local currencies, simplifying remittances and reducing reliance on intermediaries. Meanwhile, the NRNIA will be for investment opportunities like Nigerian Diaspora Bonds and other asset instruments.

The accounts aim to provide secure and direct channels for fund management while enabling diasporans to meet local obligations and actively contribute to Nigeria’s socio-economic development. 

Eligible Nigerians in the diaspora can now open these accounts, provided they meet the standard Know Your Customer (KYC) requirements. 

The CBN hopes to streamline financial integration and encourage diasporans to engage more deeply in Nigeria’s economic weather.