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The Central Bank of Nigeria (CBN) has launched two specialized accounts designed to enhance diaspora investments and financial management for Non-Resident Nigerians (NRNs). Effective January 1, eligible NRNs can open these accounts through authorized banks, fostering seamless economic participation and investment in Nigeria.
Introducing NRNOA and NRNIA
In a circular signed by the Acting Director of the Trade and Exchange Department, W.J. Kanya, the CBN announced the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
The NRNOA allows NRNs to remit foreign earnings to Nigeria and manage funds in both foreign and local currencies. The NRNIA, on the other hand, facilitates investments in Nigerian assets using foreign currency (FCY) or naira, offering direct access to financial instruments such as government securities, equities, and Nigeria’s diaspora bond.
“These accounts provide NRNs with a secure, transparent, and efficient way to manage funds, reducing reliance on intermediaries while promoting greater economic inclusion,” the CBN circular stated.
Features and Benefits
Non-Resident Nigerian Ordinary Account (NRNOA):
- Facilitates remittance of foreign income, including salaries, allowances, dividends, and rental earnings.
- Offers unrestricted repatriation of foreign currency balances.
- Allows conversion of funds into naira at prevailing exchange rates.
Non-Resident Nigerian Investment Account (NRNIA):
- Supports investments in both local and foreign currency-denominated assets, including equities, government securities, and mortgage products.
- Enables full repatriation of profits and principal without restrictions.
- Balances are held in freely convertible foreign currencies with the option to maintain a naira account for local investments.
Enhanced Access and Security
The accounts are subject to strict regulatory oversight to ensure compliance with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards. Tax policies apply to interest and investment earnings, with exemptions for government bonds.
Digital platforms streamline onboarding and Know-Your-Customer (KYC) updates, integrating with the BVN system for seamless account management.
Flexibility in Repatriation
Account holders can repatriate funds freely, with naira balances requiring proof of conversion from foreign inflows. Local deposits are limited to traceable proceeds linked to foreign currency transactions. Cash withdrawals adhere to local regulations, and transfers to local accounts are permissible only in naira.
Eligibility Requirements
To open an NRNOA or NRNIA, NRNs must present valid documentation, including proof of Nigerian citizenship or residency, along with supporting documents such as utility bills, tax receipts, or bank statements.
The initiative aligns with the CBN’s broader strategy to attract diaspora investments, deepen financial market participation, and bolster foreign exchange inflows. Operating within the framework of the CBN’s Foreign Exchange Manual (2018), this policy underscores the CBN’s commitment to driving economic growth and enhancing financial inclusion for Nigerians in the diaspora.
A New Era of Diaspora Engagement
By introducing these accounts, the CBN aims to strengthen its relationship with Nigerians in the diaspora, offering them innovative tools to contribute to the nation’s socio-economic development. With enhanced access to investment opportunities and a structured framework for financial management, the NRNOA and NRNIA mark a significant milestone in Nigeria’s efforts to deepen financial market participation and attract foreign capital inflows.
For more information or inquiries, NRNs are advised to contact the Central Bank of Nigeria’s Trade and Exchange Department.
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