THE AFRICAN COURIER. Reporting Africa and its Diaspora! The African Courier is an international magazine published in Germany to report on Africa and the Diaspora African experience. The first issue of the bimonthly magazine appeared on the newsstands on 15 February 1998. The African Courier is a communication forum for European-African political, economic and cultural exchanges, and a voice for Africa in Europe.
The Central Bank of Nigeria (CBN) has launched two new account types, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to enhance financial inclusion and investment opportunities for Nigerians in the diaspora.
Effective from 1 January 2025, these accounts are accessible through authorized banks, offering a secure and transparent way for Non-Resident Nigerians (NRNs) to manage funds and invest in the Nigerian economy.
The NRNOA allows NRNs to remit foreign earnings to Nigeria and manage their finances in both foreign and local currencies. Meanwhile, the NRNIA facilitates investments in Nigerian assets, such as government securities, equities and diaspora bonds, using either foreign currency or naira. Account holders can repatriate funds without restrictions and benefit from negotiable interest rates.
Key features of the new accounts include streamlined processes for managing remittances, investments and fulfilling local obligations like education and healthcare expenses. Investments through the NRNIA also qualify for tax exemptions on government bonds, adding further appeal to the account.
The CBN’s digital platforms ensure seamless onboarding, Know-Your-Customer (KYC) updates and integration with the Bank Verification Number (BVN) system, making account management convenient for diaspora Nigerians. Eligibility requirements include proof of Nigerian citizenship or residency and other relevant documentation.
The introduction of the two accounts aligns with the CBN’s strategy to attract diaspora investments, deepen financial market participation and boost foreign exchange inflows. By providing secure and flexible options for managing funds and investments, the CBN encourages Nigerians abroad to actively participate in Nigeria’s economic development, paving the way for a stronger connection between the diaspora and their home country.
Kola Tella
