Nigeria Introduces Diaspora-Focused Accounts to Boost Remittances from Abroad
The Central Bank of Nigeria has introduced two new financial accounts aimed at boosting remittances from Nigerians living abroad, specifically designed for diaspora members.
The Central Bank of Nigeria has unveiled two new financial products aimed at bolstering remittances from Nigerians living abroad. The introduction of the Non-Resident Nigerian Ordinary Account and the Non-Resident Non-Interest Bearing Account is part of efforts to facilitate smoother transactions between individuals in Nigeria and those residing overseas. These new accounts are designed to streamline processes, reduce fees, and increase confidence among diaspora remittants. By expanding access to financial services for Nigerians abroad, the CBN aims to boost remittances and contribute to economic growth back home.
