CBN Launches New Diaspora Accounts to Boost Investments, Remittances

By Nasir Dambatta
In a strategic move to attract foreign investments and streamline remittances, the Central Bank of Nigeria (CBN) has introduced two groundbreaking account types for Non-Resident Nigerians (NRNs). The initiative, effective January 1, 2025, aims to deepen diaspora participation in Nigeria’s financial markets and bolster foreign exchange inflows.
The newly unveiled accounts include:
Non-Resident Nigerian Ordinary Account (NRNOA): This account allows NRNs to remit foreign earnings into Nigeria and manage funds in both foreign and local currencies. It facilitates income from salaries, allowances, dividends, and rental earnings, with unrestricted repatriation of foreign currency balances.
Non-Resident Nigerian Investment Account (NRNIA): Specifically tailored for investment purposes, this account enables NRNs to invest in Nigerian assets such as government securities, equities, and diaspora bonds. Both profits and principal are fully repatriable.
These accounts not only promote transparency and ease of transactions but also provide a secure platform for diaspora Nigerians to manage their finances and invest in the country’s economic growth.
By simplifying access to investment opportunities, the CBN hopes to strengthen Nigeria’s financial inclusion drive and enhance its foreign exchange reserves. Eligible NRNs can open these accounts through authorized banks, subject to standard Know Your Customer (KYC) requirements.
Stakeholders say this landmark policy underscores the CBN’s commitment to fostering economic growth by leveraging the potential of Nigeria’s diaspora community.