By Dare Balogun, 16th January, 2025
News SOCIETY WATCH following for you ; The Central Bank of Nigeria (CBN) has announced the launch of two new account types targeted at Nigerians in the diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In a circular signed by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, the NRNOA allows Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. On the other hand, the NRNIA provides NRNs the opportunity to invest in assets within Nigeria, using either foreign currency (FCY) or local currency (Naira).
Account holders can maintain both foreign currency and Naira accounts, facilitating diverse transactions and investments. The initiative promises significant benefits, including improved access for NRNs to Nigerian economic opportunities and increased diaspora contributions to the nation’s socio-economic development. Additionally, the NRNIA provides a pathway for diaspora participation in Nigeria’s Diaspora Bond and other locally issued debt instruments.
These accounts are designed to enhance diaspora participation in the Nigerian economy while offering secure and flexible financial management options.
