The Central Bank of Nigeria has issued an operational framework introducing two account types for Nigerians in the diaspora, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). The regime is designed to enable Non-Resident Nigerians to remit foreign earnings to Nigeria, manage funds in foreign and local currency, and invest in Nigerian assets. Both accounts may be held in freely convertible foreign currency (FCY) specified by the Central Bank of Nigeria, with an option to also maintain a Nigerian naira (NGN) account. NRNOA is intended for depositing offshore-earned income and meeting personal expenses in Nigeria, while NRNIA facilitates investment in Nigerian financial markets and instruments, including FCY domestic bonds and fixed FCY deposits, as well as NGN instruments such as equities, government securities and mortgage products. FCY balances in both accounts, and NRNIA investment principal and profits, can be fully repatriated without restriction, and repatriation of NGN NRNIA balances is permitted where there is evidence of conversion of prior foreign inflows and investment proceeds; no eCCI is required for remittances into or out of these account categories. Deposits must originate from external sources through approved channels, with local deposits prohibited except for traceable proceeds from approved local investments linked to prior FCY inflows and FX settlement, and transfers to other local accounts are permitted only in NGN. The framework applies from 1 January 2025, with access subject to know-your-customer requirements and specified eligibility and documentation (including passport-based identity options, proof of residency and source of income, and IRS FATCA forms for US-based investors). Banks are expected to support digital onboarding and KYC updates and are encouraged to integrate with the Nigeria Inter-Bank Settlement System Non-Resident BVN platform to enable BVN acquisition for account opening; the Central Bank of Nigeria indicated that FAQs detailing KYC requirements and certain tax exemptions will be released.
Central Bank of Nigeria 2025-01-10
Central Bank of Nigeria introduces Non-Resident Nigerian Ordinary and Investment Accounts with unrestricted repatriation
The Central Bank of Nigeria has introduced an operational framework for two account types for Nigerians in the diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts enable foreign earnings remittance, fund management in multiple currencies, and investment in Nigerian assets, with full repatriation of FCY balances and NRNIA returns. Effective 1 January 2025, the framework mandates compliance with know-your-customer protocols and supports digital onboarding and integration with the Nigeria Inter-Bank Settlement System for BVN acquisition.