The Chairman of Nigerians in Diaspora Development Commission (NiDCOM) and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Monday held a strategic meeting aimed at collaborations.
NiDCOM Chair had lauded the CBN Governor for introducing the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) to aid Nigerians in the diaspora’s investment in the country.
NRNOA allows Nigerians in diaspora to remit earnings such as salaries, dividends, and rental income into accounts held in freely convertible currencies. It will also provides non-resident Nigerians with a variety of investment opportunities, including local and foreign currency assets such as government bonds, equities, and fixed deposits.
In a statement, the Commission’s spokesman, Abdur-Rahman Balogun, Dabiri-Erewa said the move was a strategic initiative to enhance diaspora engagement and bolster Nigeria’s economic growth. The pivotal role of diaspora remittances, noting its status as the highest source of foreign exchange to Nigeria, which surpasses oil revenues.
