NAIRAMETRICS
The Central Bank of Nigeria (CBN) has launched two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), aimed at attracting Nigerian citizens living abroad.
In a statement released on Friday, the CBN emphasized that these accounts will enhance access for Non-Resident Nigerians (NRNs) to opportunities within the Nigerian economy and boost their contribution to the socio-economic development of the country.
According to the CBN, 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.
Effective January 1, 2025, eligible NRNs can open these accounts, subject to meeting Know Your Customer (KYC) requirements detailed in an upcoming Frequently Asked Questions (FAQs) release.
The NRNOA allows non-resident Nigerians to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies. The NRNIA, on the other hand, enables them to invest in assets within Nigeria, either in foreign or local currency.
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