CBN Launches new accounts to attract Nigerian Diaspora Investments

CBN Launches new accounts to attract Nigerian Diaspora Investments
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The Central Bank of Nigeria (CBN) has introduced two new types of accounts: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts are designed specifically for Nigerians living abroad to encourage them to invest in Nigeria.

Purpose of the Accounts

CBN explained that these accounts will make it easier for Nigerians abroad to access investment opportunities in Nigeria. This is also a way to involve them more in Nigeria’s economic growth and development. These accounts will allow Nigerians abroad to manage their funds directly, making it safer and simpler to handle financial obligations in Nigeria without relying on others.

Starting January 1, 2025, Nigerians living abroad can open these accounts. To do so, they’ll need to meet certain identification requirements, which will be clarified in a guide the CBN will release soon.

Features of the NRNOA and NRNIA

NRNOA: This account lets Nigerians abroad send money they earn in foreign currencies to Nigeria. They can also manage their funds in both foreign and local currencies. NRNIA: This account is for investing in Nigeria, using either foreign or local currency.

Account holders can: – Keep funds in both foreign currencies and naira. – Participate in investment opportunities in Nigeria. – Repatriate (send back) their foreign account balances without limits. – Convert foreign currencies to naira at the current exchange rates. For investments: The initial capital and any profits earned can be sent back abroad without any restrictions. This setup makes it easier for Nigerians abroad to invest in Nigeria in a flexible way.

To open these accounts, Nigerians can use a valid or expired Nigerian passport alongside a valid foreign passport or proof of residency abroad. Alternatively, a foreign passport can be used if it shows evidence that at least one parent is Nigerian.

What You Should Know

In October 2024, the CBN worked with Nigerian banks and international money transfer companies to meet Nigerians in Houston, Texas. The goal was to discuss ways to improve how Nigerians abroad send money home, ensuring that these remittances benefit the country more.


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