This development was announced on Friday through a circular signed by W.J. Kanya, Acting Director of the Trade and Exchange Department at CBN.
According to the circular, the NRNOA allows non-resident Nigerians (NRNs) to transfer their foreign earnings to Nigeria and manage funds in both local and foreign currencies. Meanwhile, the NRNIA provides an opportunity for NRNs to invest in Nigerian assets using either foreign currency (FCY) or the local currency (Naira).
“The NRNOA enables Non-Resident Nigerians to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the NRNIA enables them to invest in assets in Nigeria in either foreign currency or local currency,” the circular stated.
CBN highlighted that account holders could maintain both a foreign currency account and/or a Naira account to facilitate transactions and access a variety of investment opportunities.
Benefits to the Diaspora Community
The apex bank outlined several benefits of the initiative, emphasizing its potential to enhance access to economic opportunities in Nigeria while increasing the diaspora community’s contribution to the country’s socio-economic development.
According to the CBN, the NRNIA will allow diaspora Nigerians to participate in investment opportunities like the Diaspora Bond and other local debt instruments. Additionally, the accounts will offer a secure and direct means for managing funds, reducing the need for third-party intermediaries.
“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,” the CBN added.
Implementation Timeline
The new accounts will become available from January 1, 2025, with eligibility contingent on meeting the know-your-customer (KYC) requirements, details of which will be included in an upcoming FAQ.
This policy complements Memorandum 17 of the CBN Foreign Exchange Manual (2018) and aligns with the bank’s broader efforts to integrate Nigerians in the diaspora into the local financial system.
In a related move, the CBN announced plans in October 2024 to introduce the Non-Resident Bank Verification Number (NRBVN) by December 2024.
The NRBVN will enable diaspora Nigerians to complete KYC processes remotely, simplifying access to banking services while adhering to global anti-money laundering standards.
