The Central Bank of Nigeria (CBN) has launched two new account types: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) designed to boost Diaspora participation in Nigeria’s economic growth.
These accounts offer flexible, secure, and convenient financial solutions for Nigerians living abroad.
The NRNOA allows Diaspora Nigerians to remit earnings such as salaries, dividends, and rental income into accounts held in freely convertible currencies.
These funds can be easily converted to Naira at current exchange rates, ensuring hassle-free access to Nigeria’s economic opportunities.
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This account aims to facilitate personal financial needs such as family support, education, and healthcare while also contributing to Nigeria’s development.
The NRNOA is in line with the CBN’s goal of driving capital inflows and increasing local economic participation, all while complying with international Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards.
Meanwhile, the NRNIA provides non-resident Nigerians with a variety of investment opportunities, including local and foreign currency assets such as government bonds, equities, and fixed deposits.
The account also integrates participants into Nigeria’s Diaspora Bond and other financial instruments, creating deeper financial links between Nigeria and its citizens abroad. Both principal and profits from these investments are fully repatriable, making the NRNIA a valuable tool for Diaspora investors looking to diversify their portfolios.
Prince Ade Omole, Director of the former PCC Diaspora Directorate, expressed that empowering the Diaspora goes beyond financial contributions: “It’s about building a stronger, united Nigeria, where every citizen, regardless of location, plays a crucial role in shaping our future.”
He added that the policies set forth by President Tinubu’s administration are turning these promises into tangible progress for both Nigerians at home and abroad.
To simplify the account registration process, the CBN has made it easier for Diaspora Nigerians to onboard through digital platforms, which facilitate KYC (Know Your Customer) updates. Additionally, banks will be integrated with the Nigeria Inter-Bank Settlement System (NIBSS), enabling Nigerians abroad to obtain Bank Verification Numbers (BVNs) and open accounts seamlessly.
With these developments, the CBN is offering transparent, secure, and efficient financial solutions that support the long-term prosperity of Nigeria and its global citizens.
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