CBN Eyes FX Inflows from Nigerians Abroad With New Account Packages

By Modupe Gbadeyanka

In its determination to help the government achieve a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has introduced two account packages for Nigerians in the Diaspora.

The central bank tagged these account options as the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).

In a circular signed by its acting Director for Trade and Exchange Department, Dr W.J. Kanya, the apex bank stated that the NRNOA allows account holders to remit their foreign earnings to the country and manage funds in both foreign and local currencies, while the NRNIA gives them the opportunity to invest in assets in Nigeria in either foreign or local currencies.

It explained that account holders may maintain both a foreign currency account of a local currency account or both to carry out their transactions or partake in diverse investment opportunities.

It stated that Nigerians abroad will have the opportunity to won any of the accounts from January 1, 2025, subject to meeting KYC requirements.

The CBN said it came up with these account products to improve access for non-residents to opportunities in the Nigerian economy and increased contribution of Diaspora community to the socio-economic developments of Nigeria.

According to the circular, account holders can use their accounts to participate in the country’s Diaspora bond and other debt instruments issued locally, specifically targeted at the Nigerian Diaspora or available to the investing public.

It said the accounts would also serve as a conduit for them to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations.