
CBN unveils two accounts to attract investments
Two diaspora accounts, Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), have been unveiled by the Central Bank of Nigeria (CBN) with the aim to attract investments from Nigerians living abroad.
The products are designed to provide diaspora Nigerians with secure channels to manage funds and invest in Nigeria’s economy.
A statement issued at the weekend by the apex bank, 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.
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