CBN Governor, Olayemi Cardoso

The Central Bank of Nigeria (CBN) has unveiled two new financial products aimed at attracting investments from Nigerians living abroad. The Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) are designed to provide diaspora Nigerians with secure channels to manage funds and invest in Nigeria’s economy. In a statement issued at the weekend, the CBN emphasised that these accounts will facilitate easier access for Non-Resident Nigerians (NRNs) to the country’s financial markets, boosting their contribution to Nigeria’s socio-economic development. “These accounts will provide NRNs with a secure environment to manage their funds directly, reducing their reliance on third parties for local commitments and obligations,” the bank said. The NRNOA allows NRNs to remit foreign earnings such as salaries, dividends, and rental income to Nigeria and manage funds in both foreign and local currencies. Meanwhile, the NRNIA is designed for those looking to invest in Nigeria’s domestic financial markets, offering the flexibility to invest in assets such as bonds, equities, and government securities, either in foreign or local currency.