The Central Bank of Nigeria (CBN) has introduced two new account types—the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—to enhance the participation of Nigerians living abroad in the country’s economic activities.
According to a circular released on January 10, 2025, by Dr. W. J. Kanya, Ag. Director of the Trade and Exchange Department, these accounts aim to simplify remittances, investments, and fund management for the Nigerian diaspora. The NRNOA will allow Non-Resident Nigerians (NRNs) to remit their foreign earnings and manage funds in both foreign and local currencies, while the NRNIA is designed for investments in Nigeria’s assets, including participation in Nigeria’s Diaspora Bond and other locally targeted debt instruments.
These accounts are also intended to improve financial inclusion for NRNs, offering direct management of their funds, reducing reliance on third parties, and fostering increased contributions to Nigeria’s socio-economic development. Starting January 1, 2025, eligible NRNs will be able to open these accounts, subject to KYC requirements, with further details expected soon.
This move follows the Nigerian government’s recent implementation of the N50 electronic transfer levy (EMTL) on transactions above N10,000 conducted through fintech platforms like Opay, Moniepoint, Palmpay, and Kuda Bank.
