CBN introduces non-resident accounts for Nigerians in diaspora
CBN Headquarters
Nike Popoola
The Central Bank of Nigeria has informed the general public of the introduction of the Non-Resident Nigerian Ordinary Account (NRNOA) and.
In a circular on Friday signed by the Director, Trade and Exchange Department, Dr. W. J. Kanye, it stated that the Non-Resident Nigerian Investment Account (NRNIA) is targeted at Nigerians in diaspora.
It stated, “The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNs) to invest in assets in Nigeria in either foreign currency (FCY) or locai curreney (Naira).
“Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities.”
It added that the benefits derivable include but are not limited to the following, “Improved access for NRNs to opportunities in the Nigerian economy and increased contribution of diaspora community to the socio-economic development of Nigeria.
“NRNs can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.
“The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations
