The Central Bank of Nigeria (CBN) has introduced two new financial instruments: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
This, according to the bank, is in a bid to strengthen ties with Nigerians abroad and harness their economic potential,
The initiative, unveiled in a circular signed on Friday by W.J. Kanya, Acting Director of the Trade and Exchange Department, aims to empower diasporans to actively participate in Nigeria’s financial and economic ecosystem.
The NRNOA is designed to simplify remittances and fund management for non-resident Nigerians (NRNs), allowing them to manage their foreign earnings in both foreign and local currencies. On the other hand, the NRNIA offers an avenue for investment in Nigeria, enabling diasporans to explore opportunities in assets and debt instruments, such as the Nigerian Diaspora Bond. According to the CBN, this initiative not only provides direct and secure channels for managing funds but also reduces reliance on intermediaries for meeting local obligations.
“The accounts will unlock improved access to the Nigerian economy, enabling NRNs to contribute meaningfully to socio-economic development,” the circular noted. Beginning January 1, 2025, eligible NRNs will be able to open these accounts, subject to standard Know Your Customer (KYC) requirements.
This policy is part of the apex bank’s ongoing efforts to include the diaspora in its financial strategy, which previously included the announcement of a Non-Resident Bank Verification Number (NRBVN) to be rolled out by December 2024.
(Ripples Nigeeria)
