TimesNow.com.ng reported that the CBN non-resident accounts for Nigerians abroad are designed to make remittances, investment, and fund management easy for the diaspora community.
CBN noted that 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 account would also allow NRNs to manage their funds directly, eliminating the need for third parties in local commitments and obligations.
Here is the framework for the operation of the non-resident accounts:
This account enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in foreign and local currencies. Account holders may maintain a foreign currency (FCY) account and/or a local currency (Naira) account.
Held in freely convertible foreign currencies as specified by the Central Bank of Nigeria (CBN).
Account holders may also maintain a Naira (NGN) account, with funds remitted directly from offshore or convertible from an FCY account at prevailing exchange rates through Authorized Dealers.
Depositing foreign income earned by individuals outside Nigeria, including salaries, allowances, dividends, and rental income.
Meeting personal expenses such as family maintenance, education, healthcare, and other day-to-day needs in Nigeria, ensuring convenience and ease of use.
Interest earned on deposits will be subject to applicable taxes in line with the tax laws of the Federal Republic of Nigeria.
BDailyTrust reports that balances in the FCY account can be fully repatriated out of Nigeria without restriction, DailyTrust reports.
Interest rates on balances are negotiable with the preferred bank.
Funds can be freely converted into Naira at prevailing exchange rates through Authorized Dealers.
Aligns with international Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards to ensure transparent fund flows and mitigate risks.
This account enables non-resident Nigerians (NRNs) to invest in Nigeria’s assets in either foreign currency (FCY) or local currency (Naira).
NRNs can maintain both foreign currency (FCY) and local currency (Naira) accounts.
FCY accounts may hold freely convertible currencies as specified by the Central Bank of Nigeria (CBN).
Local currency accounts (NGN) are for investments in domestic assets.
FCY Investments: Includes FCY domestic bonds, fixed deposits, and other eligible FCY-denominated assets.
