The Central Bank of Nigeria (CBN) has introduced two innovative financial accounts to encourage investments and remittances from Nigerians living abroad.
The Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA) have been designed to simplify financial management and investment opportunities for the diaspora community.
Announced on January 10, 2025, these accounts aim to enhance remittance inflows and encourage long-term investments. According to the CBN, effective January 1, 2025, eligible Non-Resident Nigerians (NRNs) can open these accounts, provided they meet the required Know Your Customer (KYC) standards.
The NRNOA enables NRNs to remit foreign earnings, such as salaries and rental income, into Nigeria while managing funds in both foreign currency and naira. It is tailored to support obligations like family maintenance, education, and healthcare without reliance on intermediaries.
Conversely, the NRNIA is designed to facilitate investments in Nigeria’s financial markets. Account holders can invest in foreign or local currency assets, including government securities, bonds, equities, and Diaspora Bonds. This dual-currency structure offers flexibility and ensures capital mobility, with investment principal and profits fully repatriable.
The CBN emphasized that deposits into these accounts must originate from external sources through approved channels. Local deposits are prohibited unless traceable to prior foreign inflows. Transfers between NRNOA and NRNIA, as well as to other local accounts, will be in naira to maintain focus on foreign currency inflows.
Remittances have historically averaged $20.5 billion annually, primarily directed towards consumption. The CBN aims to shift this trend towards sustainable investments that drive economic development.
During a 2024 engagement with the Nigerian diaspora in Houston, CBN Deputy Governor Muhammad Sani Abdullahi highlighted the goal of optimizing remittances for long-term growth.
This initiative aligns with the CBN’s strategy to boost foreign exchange inflows. By offering secure, flexible, and accessible financial channels, the NRNOA and NRNIA seek to harness the economic potential of the Nigerian diaspora, reinforcing their role in national development.
