The Central Bank of Nigeria (CBN) has introduced two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to bolster foreign capital inflows through investments and remittances by Nigerians living abroad.
The NRNOA allows Non-Resident Nigerians (NRNs) to remit foreign earnings to Nigeria and manage their funds in both foreign and local currencies. Meanwhile, the NRNIA enables NRNs to invest in Nigerian assets using either foreign currency (FCY) or the Naira.
Details of the policy were outlined in a circular dated 10 January 2025, signed by Dr W.J. Kanya, the acting Director of the CBN’s Trade and Exchange Department. The circular, addressed to all Authorised Dealer Banks (ADBs) and the public, also included a framework to guide implementation.
Under this initiative, account holders can maintain both an FCY account and/or a local currency account to facilitate transactions and investments in various opportunities. The CBN emphasised that the policy seeks to enhance NRNs’ access to Nigeria’s economy while fostering the diaspora community’s contributions to the country’s socio-economic development.
Among its key features, the NRNIA allows account holders to participate in Nigeria’s Diaspora Bond and other locally issued debt instruments targeted at the diaspora or the broader investing public. The account also provides a secure and direct means for NRNs to manage their funds, reducing dependence on third parties for fulfilling local obligations.
The policy takes effect on 1 January 2025, and eligible NRNs can open either of the accounts, provided they meet Know Your Customer (KYC) requirements. The specifics of these requirements will be included in an FAQ document to be released by the CBN.
The central bank clarified that the NRNOA would hold funds in freely convertible foreign currencies as designated by the CBN. Account holders may also maintain a Naira account, with funds remitted from abroad or converted from an FCY account at prevailing exchange rates through authorised dealers. The NRNOA facilitates the deposit of foreign income, including salaries, allowances, dividends, and rental income, while enabling personal expenses such as family maintenance, education, and healthcare in Nigeria.
Interest earned on deposits will be subject to applicable taxes under Nigerian tax laws. Balances in FCY accounts can be fully repatriated without restriction, ensuring flexibility for account holders.
Similarly, NRNIA accounts allow holders to maintain both FCY and Naira accounts, enabling investments in local financial markets and instruments. Balances in the NRNIA, including investment principal and profits, can also be fully repatriated, ensuring ease of capital mobility. Interest rates on deposits will be negotiable with the holder’s preferred bank.
The CBN further stated that digital platforms would streamline onboarding and KYC updates. Banks are encouraged to integrate with the NIBSS NRBVN platform, enabling NRNs to obtain BVNs for account opening purposes. Banks must also provide digital solutions for NRNs to update their KYC information seamlessly, subject to proper authentication and due diligence.
This initiative is expected to provide convenience for NRNs while promoting increased foreign investment and strengthening Nigeria’s financial ecosystem.
