January 11, (THEWILL) – The Central Bank of Nigeria has introduced two new financial instruments: the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account.
Announced in a circular signed on Friday by W.J. Kanya, Acting Director of the Trade and Exchange Department, the initiative aims to empower diasporans to actively participate in Nigeria’s financial and economic ecosystem.
This policy is part of the apex bank’s ongoing efforts to include the diaspora in its financial strategy, which previously included the announcement of a Non-Resident Bank Verification Number to be rolled out by December 2024.
While the NRNOA is designed to simplify remittances and fund management for non-resident Nigerians allowing them to manage their foreign earnings in both foreign and local currencies, NRNIA offers an avenue for investment in Nigeria, enabling diasporans to explore opportunities in assets and debt instruments, such as the Nigerian Diaspora Bond.
Kanya said, this initiative not only provides direct and secure channels for managing funds but also reduces reliance on intermediaries for meeting local obligations.
“The accounts will unlock improved access to the Nigerian economy, enabling NRNs to contribute meaningfully to socio-economic development.
“Beginning January 1, 2025, eligible NRNs will be able to open these accounts, subject to standard Know Your Customer requirements,” the circular stated.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
