The Central Bank of Nigeria (CBN) has introduced two new accounts designed to attract investments from Nigerians living abroad. The Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) aim to provide secure channels for managing funds and investing in Nigeria’s economy. The CBN highlighted that these products will simplify access to Nigeria’s financial markets for Non-Resident Nigerians (NRNs), ultimately boosting their contribution to the nation’s socio-economic growth.
The NRNOA allows NRNs to send foreign earnings like salaries and dividends to Nigeria while managing funds in both local and foreign currencies. The NRNIA is tailored for those interested in investing in Nigeria’s domestic financial markets, such as bonds, equities, and government securities. Both accounts require NRNs to meet Know Your Customer (KYC) standards, and as of January 1, 2025, eligible individuals can open these accounts. The CBN also emphasized that foreign currency balances in these accounts can be repatriated without restrictions.
In a bid to maintain the accounts’ focus on foreign investments, the CBN has prohibited local deposits. The directive, effective from January 10, 2025, ensures that funds deposited into these accounts must originate from external sources. Furthermore, transfers between the new accounts and local Nigerian accounts will only be allowed in naira. This initiative is part of a broader strategy by the CBN to encourage the use of remittances for long-term investments rather than short-term consumption.