The Central Bank of Nigeria (CBN) has launched the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) to improve access to the Nigerian economy for citizens living outside the country.
The NRNOA and the NRNIA, the CBN said, are designed to make remittances, investment, and fund management easy for the diaspora community.
The announcement was made in a circular signed by Dr. W. J. Kanya, Ag. Director, Trade and Exchange Department released on Friday, January 10.
In the circular, CBN outlines the key features and benefits of accounts that it believes will improve the ability of non-resident Nigerians (NRNs) to participate in the Nigerian economy.
According to the CBN, the new accounts are intended to improve NRNs’ access to financial services and enable them to contribute more to Nigeria’s socio-economic development.
The central bank stressed that these accounts would allow NRNs to manage their funds directly, eliminating the need for third parties in local commitments and obligations, Punch reports.
The statement from CBN reads:
Ealier, TimesNow.com.ng reported that the Nigerian government has begun deducting the N50 electronic transfer levy (EMTL) from transactions of N10,000 and above made by fintech firm users.
The fintech firms include Opay, Moniepoint, Palmpay, Kuda Bank, and other digital payment platforms.
The EMTL is under the 2020 Finance Act.
Source: TimesNow.com.ng
