The Central Bank of Nigeria (CBN) introduces Non-Resident Nigerian Ordinary and Investment Accounts (NRNOA and NRNIA) for diaspora Nigerians. These accounts enable foreign currency transactions, local investments, and access to Nigeria’s financial markets. Fully repatriable funds and compliance with global standards offer secure and flexible financial solutions. The launch is set for January 2025.
The Central Bank of Nigeria (CBN) has unveiled two innovative account types aimed at empowering Nigerians in the diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts seek to enhance diaspora contributions to Nigeria’s economy while offering secure and flexible financial solutions.
The NRNOA enables diaspora Nigerians to deposit foreign earnings such as salaries and rental income into accounts held in approved foreign currencies. Funds can be converted to Naira for personal expenses, including education and healthcare. Importantly, foreign currency balances are fully repatriable, while local transfers within Nigeria are permitted in Naira only.
The NRNIA provides investment opportunities for Nigerians abroad, allowing participation in assets like government securities, equities, and fixed deposits. Both principal and profits are fully repatriable, ensuring seamless capital mobility. Additionally, these accounts integrate with Nigeria’s Diaspora Bond, offering access to local and foreign currency financial instruments.
Eligibility for these accounts requires proof of Nigerian citizenship, residency documentation, and evidence of income. Banks are tasked with facilitating onboarding using the Nigeria Inter-Bank Settlement System (NIBSS) platform for streamlined processes.
This initiative aligns with the CBN Foreign Exchange Manual and complies with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards. It aims to foster economic inclusion, reduce dependency on intermediaries, and provide secure financial solutions for diaspora Nigerians. The accounts will be available from January 1, 2025, with further details outlined in upcoming FAQs.
