Authors
Expertise
The NRNOA enables Nigerians in the diaspora to remit their foreign earnings into Nigeria. It further provides a way for them to manage their funds without depending on third-party agents. On the other polarity, the NRNIA facilitates participation in investment opportunities within Nigeria for diaspora Nigerians.
INTRODUCTION
The Central Bank of Nigeria (CBN) has introduced two new types of accounts for Nigerians in the diaspora, as announced in a circular released on January 10, 2025: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) (the ’Accounts’’). These accounts aim to provide diaspora Nigerians with more streamlined financial management and investment opportunities in Nigeria.
The NRNOA enables Nigerians in the diaspora to remit their foreign earnings into Nigeria. It further provides a way for them to manage their funds without depending on third-party agents. On the other polarity, the NRNIA facilitates participation in investment opportunities within Nigeria for diaspora Nigerians.
It is apposite to note that Nigerians in the diaspora who meet the Know Your Customer (KYC) requirements will be able to open and maintain these accounts with commercial banks in Nigeria from January 1, 2025. This circular does not affect Memorandum 17 of the CBN Foreign Exchange Manual, which deals with external and non-resident accounts.
KEY HIGHLIGHTS OF THE GUIDELINES
Currency Options
Both accounts allow holders to maintain a Naira account, which can be funded directly from offshore remittances or from a converted foreign
currency account.
Repatriation
Funds in the foreign currency accounts of both NRNOA and NRNIA can be repatriated freely. For NRNIA, funds in the Naira account can also be repatriated, provided there is evidence of prior conversion. However, the circular does not clarify whether funds in the Naira account for NRNOA holders can be repatriated.
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Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
