January 10, 2025
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday introduced the the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account designed to facilitate remittances, financial management, and investments for Non-Resident Nigerians (NRNs). The NRNOA enables Non-Resident Nigerians to remit their foreign earnings to Nigeria while managing funds in foreign and local currencies.
The CBN in a statement signed by W.J. Kanya, Acting Director of the Trade and Exchange Department, said the key benefits of the newly introduced accounts for NRNs include:
- Improved access for NRNs to opportunities in the Nigerian economy and increased contribution of the diaspora community to the socio-economic development of Nigeria. NRNs can use their NRNIA to participate in Nigeria’s Diaspora Bond and other debt instruments issued locally specifically targeted at the Nigerian diaspora or available to the investing public.
- The account will also serve as a conduit for NRNs to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations.
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