The extension of permits for the extension of export proceeds repatriation on behalf of exporters has been discontinued, according to the Central Bank of Nigeria (CBN), with effect from Wednesday, January 8, 2025.
In a circular signed by W.J. Kanya, acting director of the Trade and Exchange Department, the apex bank made this announcement on Friday.
According to the statement, non-resident Nigerians (NRNs) will be able to manage funds in both local and international currencies and send their foreign earnings back to Nigeria through the NRNOA.
The statement read, “The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNs) to invest in assets in Nigeria in either foreign currency (FCY) or local currency (Naira).”
“Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities.”
Additionally, the bank clarified that NRNs can utilise their NRNIA to invest in Nigeria’s Diaspora Bond and other domestically issued debt instruments that are either accessible to the investing public or expressly targeted at the Nigerian diaspora.
Also , the account will help NRNs manage their money directly in a secure setting and lessen their dependency on other companies to fulfil their local responsibilities.
The bank states that, subject to fulfilling KYC requirements—which will be covered in FAQs that will be posted soon—eligible NRNs will have the chance to hold any non-resident Nigerian account as of January 1st, 2025.
“This policy is without prejudice to Memorandum 17 of the CBN Foreign Exchange Manual (2018),” it added.