The Central Bank of Nigeria (CBN) has launched two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to attract Nigerian citizens living abroad. These accounts aim to enhance access for Non-Resident Nigerians (NRNs) to opportunities within the Nigerian economy and boost their contribution to the socio-economic development of the country.
Key Features and Benefits:
- NRNOA: Allows non-resident Nigerians to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.
- NRNIA: Enables non-resident Nigerians to invest in assets within Nigeria, either in foreign or local currency.
- Account holders can maintain both foreign and naira accounts to facilitate transactions and participate in investment opportunities.
- Interest earned on deposits will be subject to applicable federal taxes, and balances in the foreign account can be fully repatriated without restriction.
- Funds can also be freely converted into naira at prevailing exchange rates through authorized dealers.
Eligibility and Requirements:
- Eligible NRNs can open these accounts starting January 1, 2025, subject to meeting Know Your Customer (KYC) requirements.
- Valid or expired Nigerian passports may be accepted when accompanied by a valid foreign passport or proof of residency.
- Alternatively, a valid foreign passport with evidence of Nigerian citizenship of either parent may also be provided.
The CBN’s launch of these new accounts is part of its efforts to optimize remittances and attract Nigerian diaspora investments. Remittances have been a significant source of financial inflows for Nigeria, averaging $20.5 billion annually over the past decade, according to the World Bank.
Source: Nairametrics
