Thanks for this information. I guess part of what CBN is trying to streamline is getting a BVN. About 7 years ago, I know I had travel to Nigeria and physically go to a bank to reactivate an account I have held with GTBank since 2000. I sincerely hope this new provision is not retroactive in the sense of asking to convert our checking account (which is Ordinary account in the new nomenclature to Investment). Currently, I receive my dividends in the checking (current account). I do have all 3 with GTBank - Current, Savings and Dom.
Any Nigerian in the diaspora would be out of his or her mind to open an account at CBN and deposit your hard earned pounds/dollars/euro/etc into a bank that belongs to the Nigerian government. I currently do have domiciliary accounts with two Nigerian banks and have some money is $US in there. What will be the advantage of having the account at CBN, instead of any other Nigerian bank? You are dashing your money to the crooks that is the Nigerian government. See how they made it easy for us to open an account without having to visit Nigerian, but they make us come to Nigerian to renew our nigerian passports if it happens to have expired while we are living abroad. Ladies and gentlemen, don't do this: You will regret it. These our leaders are heartless. They want you to deposit your LEGALLY EARNED hard currency into CBN, while they deposit their own FRAUDULENTLY LOOTED AND CORRUPTLY EARNED hard currency into Swiss national bank and other foreign banks! Make it make sense!
Haba my broda John, take a chill pill nah. Can we just stop all these negativity pls. Y'all sit abroad and continue rubbishing a country for us that have no options. As if y'all living abroad are that clean in ur morals, why did y'all from diaspora came for Detty December, made multiple purchases and return to ur base to deny all transactions, thereby ruining a lot of biz. We all act as if pple in govt are from Mars and not one of us. This corruption, bad behavior and selfishness are not only peculiar to govt but Nigerian thing irrespective of where u are. Abeg, pls give us a chance biko and stop demarketing us. U dont have to promote, just shut the eff up!
Good timing for Nigerians that might be facing deportation during Trump regime. Now they can keep working and deposit their dollars in Nigeria without the fear of losing everything to American banks if deported.
Please Sir I have been out of the country for a decade plus now and in the era when I opened an account the BVN wasn’t a prerequisite but be it as it may I will like to have a non resident account in Dollars.My first question is how do I get a BVN and processes I need to follow. Secondly how do I get a Nonresident account in Nigeria. Thanks
This CBN initiative to help Nigerians in the diaspora is a must to check out for business opportunities in Nigeria. Can we apply for it and supply all the documents online? Also this new federal government tax that taxes every single transaction done in Nigerian accounts I am noticing. Does it apply to this CBN ones? Would they tax any more we pay into it on add currency when we start to transact with them? What are the benefits of this account compared to regular diasporas bank account? Thank you very much.
Can I transfer the money in the account abroad? Can I withdraw dollars from the account while in Nigeria ? Can I trust the CBN not to change the rules after I open my account? Can I trust the government not to get greedy and sieze the forex in the account? Will the bank automatically transfer the money to my dependants if I kpai?
In good conscience, eventually we'd see what the CBN responds with... But as a random inhouse Nigerian. My response to your questions: 1. You probably would not be able to operate this NROA as you would a checking account in your resident country. You might be able to send money from this Nigerian account back to the abroad , but it would be treated as an International transfer. 2. The government would rather you did not withdraw your funds as cash $. If you're spending in Nigeria, you should use the NGN. 3. Rules can change, especially in economic and monetary policy. Can change for the better, or worse. But rule of thumb is that the CBN would always try to save the Naira above all else. 4. Seizure can happen with compliance issues. Not a beautiful experience, and definitely something they would do once last line in 3 above is compromised. 5. This is more of your personal responsibility. Contract a lawyer for your estate/funds transfer instructions IF you transcend to God's glory. Otherwise, you've just given the FGN/Bank free money.
@@whymilliemoney laundering is a worldwide issue, not restricted to Nigeria. I don't understand what that has to do with your bank account, especially if your funds are available whenever you request for it.
I am looking forward to opening this nonresident account with the CBN. It sounds like peace of mind on investment of the dividends pour into it automatically once it’s set up as you explained.
Sir, thanks for the speech, for like days now have been like what can I earn money from abroad, I have made all that is needed to earn in dollar. It gives me much concern that can’t i have my client and pay me in dollars.
Thank you for this update, I checked on CBN website can't find a link or instruction on how to open any of the account mentioned, could you help with the link and instructions on how to go about it?
There is nothing new here. You don’t have to be in Nigeria to open bank accts or investment. I have both and I opened them from the diaspora years ago including a domiciliary account. I didn’t need an utility bill from naija. It defeats the purpose. I used my utility bill from the diaspora and had it notarized. They mailed me my debit card & token with no issues. Perhaps the smaller banks don’t offer them but GTB, FBN, ACCESS offer them. There are too many money transfer apps to transfer money why will you need to go physically to deposit money😅😅. So much misinformation in this video. I also used to be a banker in the US. You just need a valid Govt ID to open an account, no forms to fill out, no references. Even business accounts ID, LOI & EIN. You can even open accounts in US online. If anyone is having a hard time opening account in Naija from diaspora, make sure you are working with banks that offer Non resident accounts. First bank calls it diaspora account.
@ of course, but did you skip the part of me addressing the misinformation. I corrected a couple of misinformation in this video. Keep it moving abeg. It doesn’t bother you that CBN says they are presenting a new product that has existed for no less than 5 yrs in the market. 😅😅 The banks couldn’t have offered these accounts without the knowledge of CBN. That should be your concern not my comment.
@ I use GTB & in process with FBN. GTB offers NRN ( Non resident Nigerian) accounts for current and domiciliary. I did mine 5-6 yrs ago with a US pspt & grossly expired NIG pspt. I provided bank stamped bank statements from the US in lieu of utility bills. I obtained a BVN abroad as well. Filled out the forms which included references. The list of required docs is on their easy to navigate site. After the forms are cleared it’s easy sailing from there. They have a dedicated diaspora team. First bank was much easier because now I have NIN and renewed pspt. I am using a notorized diaspora utility bill. Same applies with investment account, that was easier. I recommend Afrinvest. Hope this helps.
It's a way for the CBN to access more FX, the success of this initiative will boil down to the exchange rate to be used bcos some pple will always gravitate towards anybody who offers them the highest possible exchange rate in the market. While those diasporans who crave convenience and don't care much for a little difference between the CBN rate and that of the market will embrace and welcome it.
This is positive. I no longer have a Naija bank account because I couldn’t keep up with the whole login /verification hassle whenever I wanted to access my account. I just abandoned the whole thing; 12 years on… so this is definitely a good development in the right direction
Same thing happened to my accounts. I was lucky I emptied most of them before I left about 20 years ago. I had to open new ones and visit the bank almost every time I visit Nigeria. It’s annoying and you fill forms and wait on long queues too!
I hope the process now will be different from what it used to be before, when we want to open current account, haven seen some banks advert for the diaspora's to open account with them, but one need to provide two references, Nigeria utility bill. So i have written to some of these banks why should that still be an obstacles to open in todays world because i want to open current account, they said it's an obligation due to law, and i asked them why not they, as bankers sponsor a bill to the national assembly to remove that clause from the law.
Is this different from what had been in existence before? Becuase GTBANK and Access bank have been offering Diaspora Accounts for like 2 years now.. Opened them seamlessly too..
Am not if it's different from the existing ones for the past 4 years, FCMB, WEMA etc has been on for long. First started it long ago, but one has to go designated for centre's then, before now you only do the opening online.
It is not clear or I do not understand how this is different from the Domiciliary Account that most people have before CBN banned money transfer agents (Western Union, RIA, WorldRemit and so on) from the remitting dollar to dollar. I wish that they can make it clear. Can people remit dollar to their dollar account in Nigeria or do they have to open this new account to be able to remit dollar to dollar?
Tax raid guys thread carefully !!..you can bet tax will be paid on any profits on investments going into that acct no thanks!! also a very confusing process.....A way to tax diaspora in a nutshell
Nice video. But as someone who has domiciliary accounts in Nigeria I can tell you that the devil is in the detail. The domiciliary accounts in Nigeria do not have IBAN numbers. The cards are pretty much useless. They don't work in Nigeria and you can't move you money around as you like. It is a first step but a VERY LONG way to go.
There are millions of second and third generation Nigerians in the diaspora without Nigerian passports. For this to appeal to them, they should be able to pick up visas on arrival at no cost once their foreign passports carry their Nigerian names. Again, the cost and process of obtaining Nigerian passports should be seamless.
Too much information to be given to Nigerian government that is not secure.. they could have given it to the local banks rather than wasting time trying to save foreign exchange in this way ..
Just stumbled on your channel and i must say, your content is great. Subscribing straight away.
Thank you so much. I appreciate this.
Thanks for this information. I guess part of what CBN is trying to streamline is getting a BVN. About 7 years ago, I know I had travel to Nigeria and physically go to a bank to reactivate an account I have held with GTBank since 2000. I sincerely hope this new provision is not retroactive in the sense of asking to convert our checking account (which is Ordinary account in the new nomenclature to Investment). Currently, I receive my dividends in the checking (current account). I do have all 3 with GTBank - Current, Savings and Dom.
Am loving your channel is 👍🏾❤🇳🇬‼
Yes, I will surely open the investment account, please let us know when this can be done..thanks
Any Nigerian in the diaspora would be out of his or her mind to open an account at CBN and deposit your hard earned pounds/dollars/euro/etc into a bank that belongs to the Nigerian government. I currently do have domiciliary accounts with two Nigerian banks and have some money is $US in there. What will be the advantage of having the account at CBN, instead of any other Nigerian bank? You are dashing your money to the crooks that is the Nigerian government. See how they made it easy for us to open an account without having to visit Nigerian, but they make us come to Nigerian to renew our nigerian passports if it happens to have expired while we are living abroad. Ladies and gentlemen, don't do this: You will regret it. These our leaders are heartless. They want you to deposit your LEGALLY EARNED hard currency into CBN, while they deposit their own FRAUDULENTLY LOOTED AND CORRUPTLY EARNED hard currency into Swiss national bank and other foreign banks! Make it make sense!
Haba my broda John, take a chill pill nah. Can we just stop all these negativity pls. Y'all sit abroad and continue rubbishing a country for us that have no options. As if y'all living abroad are that clean in ur morals, why did y'all from diaspora came for Detty December, made multiple purchases and return to ur base to deny all transactions, thereby ruining a lot of biz. We all act as if pple in govt are from Mars and not one of us. This corruption, bad behavior and selfishness are not only peculiar to govt but Nigerian thing irrespective of where u are. Abeg, pls give us a chance biko and stop demarketing us. U dont have to promote, just shut the eff up!
This is very smart of CBN. 👌🏾I’m getting tired of IMT wahalas
Good timing for Nigerians that might be facing deportation during Trump regime. Now they can keep working and deposit their dollars in Nigeria without the fear of losing everything to American banks if deported.
Unfortunately Undocumented immigrsnt would not have the required documents to open the accounts
@ why not? All they need is Nigerian passport right?
This is a very good idea.
Please Sir I have been out of the country for a decade plus now and in the era when I opened an account the BVN wasn’t a prerequisite but be it as it may I will like to have a non resident account in Dollars.My first question is how do I get a BVN and processes I need to follow.
Secondly how do I get a Nonresident account in Nigeria. Thanks
This CBN initiative to help Nigerians in the diaspora is a must to check out for business opportunities in Nigeria. Can we apply for it and supply all the documents online?
Also this new federal government tax that taxes every single transaction done in Nigerian accounts I am noticing. Does it apply to this CBN ones? Would they tax any more we pay into it on add currency when we start to transact with them? What are the benefits of this account compared to regular diasporas bank account? Thank you very much.
Can I transfer the money in the account abroad?
Can I withdraw dollars from the account while in Nigeria ?
Can I trust the CBN not to change the rules after I open my account?
Can I trust the government not to get greedy and sieze the forex in the account?
Will the bank automatically transfer the money to my dependants if I kpai?
I wouldn't trust them with my cat. The same people who launder government money. He'll to the no!
In good conscience, eventually we'd see what the CBN responds with... But as a random inhouse Nigerian. My response to your questions:
1. You probably would not be able to operate this NROA as you would a checking account in your resident country. You might be able to send money from this Nigerian account back to the abroad , but it would be treated as an International transfer.
2. The government would rather you did not withdraw your funds as cash $. If you're spending in Nigeria, you should use the NGN.
3. Rules can change, especially in economic and monetary policy. Can change for the better, or worse. But rule of thumb is that the CBN would always try to save the Naira above all else.
4. Seizure can happen with compliance issues. Not a beautiful experience, and definitely something they would do once last line in 3 above is compromised.
5. This is more of your personal responsibility. Contract a lawyer for your estate/funds transfer instructions IF you transcend to God's glory. Otherwise, you've just given the FGN/Bank free money.
@@whymilliemoney laundering is a worldwide issue, not restricted to Nigeria.
I don't understand what that has to do with your bank account, especially if your funds are available whenever you request for it.
Am interested in the real estate investment part, wondering if you can do a video on that, how does it work in Nigeria, thanks
I am looking forward to opening this nonresident account with the CBN. It sounds like peace of mind on investment of the dividends pour into it automatically once it’s set up as you explained.
Can depositors withdraw the same currency they deposited? Can they withdraw both abroad and locally?
Sir, thanks for the speech, for like days now have been like what can I earn money from abroad, I have made all that is needed to earn in dollar. It gives me much concern that can’t i have my client and pay me in dollars.
Thank you for this update, I checked on CBN website can't find a link or instruction on how to open any of the account mentioned, could you help with the link and instructions on how to go about it?
There is nothing new here. You don’t have to be in Nigeria to open bank accts or investment. I have both and I opened them from the diaspora years ago including a domiciliary account. I didn’t need an utility bill from naija. It defeats the purpose. I used my utility bill from the diaspora and had it notarized. They mailed me my debit card & token with no issues. Perhaps the smaller banks don’t offer them but GTB, FBN, ACCESS offer them. There are too many money transfer apps to transfer money why will you need to go physically to deposit money😅😅. So much misinformation in this video. I also used to be a banker in the US. You just need a valid Govt ID to open an account, no forms to fill out, no references. Even business accounts ID, LOI & EIN. You can even open accounts in US online. If anyone is having a hard time opening account in Naija from diaspora, make sure you are working with banks that offer Non resident accounts. First bank calls it diaspora account.
Oga thank God for you that you know and have known for aeons.
Kindly allow those who don't know and don't have the information to learn.
Thank you!
@ of course, but did you skip the part of me addressing the misinformation. I corrected a couple of misinformation in this video. Keep it moving abeg. It doesn’t bother you that CBN says they are presenting a new product that has existed for no less than 5 yrs in the market. 😅😅 The banks couldn’t have offered these accounts without the knowledge of CBN. That should be your concern not my comment.
@@enahorookhamafe2710you suggested that the accounts were new?
How were you able to do this?
@ I use GTB & in process with FBN. GTB offers NRN ( Non resident Nigerian) accounts for current and domiciliary. I did mine 5-6 yrs ago with a US pspt & grossly expired NIG pspt. I provided bank stamped bank statements from the US in lieu of utility bills. I obtained a BVN abroad as well. Filled out the forms which included references. The list of required docs is on their easy to navigate site. After the forms are cleared it’s easy sailing from there. They have a dedicated diaspora team. First bank was much easier because now I have NIN and renewed pspt. I am using a notorized diaspora utility bill. Same applies with investment account, that was easier. I recommend Afrinvest. Hope this helps.
It's a way for the CBN to access more FX, the success of this initiative will boil down to the exchange rate to be used bcos some pple will always gravitate towards anybody who offers them the highest possible exchange rate in the market.
While those diasporans who crave convenience and don't care much for a little difference between the CBN rate and that of the market will embrace and welcome it.
This is positive. I no longer have a Naija bank account because I couldn’t keep up with the whole login /verification hassle whenever I wanted to access my account. I just abandoned the whole thing; 12 years on… so this is definitely a good development in the right direction
Same thing happened to my accounts. I was lucky I emptied most of them before I left about 20 years ago. I had to open new ones and visit the bank almost every time I visit Nigeria. It’s annoying and you fill forms and wait on long queues too!
I hope the process now will be different from what it used to be before, when we want to open current account, haven seen some banks advert for the diaspora's to open account with them, but one need to provide two references, Nigeria utility bill.
So i have written to some of these banks why should that still be an obstacles to open in todays world because i want to open current account, they said it's an obligation due to law, and i asked them why not they, as bankers sponsor a bill to the national assembly to remove that clause from the law.
Is this different from what had been in existence before? Becuase GTBANK and Access bank have been offering Diaspora Accounts for like 2 years now.. Opened them seamlessly too..
Am not if it's different from the existing ones for the past 4 years, FCMB, WEMA etc has been on for long. First started it long ago, but one has to go designated for centre's then, before now you only do the opening online.
It is not clear or I do not understand how this is different from the Domiciliary Account that most people have before CBN banned money transfer agents (Western Union, RIA, WorldRemit and so on) from the remitting dollar to dollar. I wish that they can make it clear. Can people remit dollar to their dollar account in Nigeria or do they have to open this new account to be able to remit dollar to dollar?
To many contradictory statemnts in this video abeg . Confused govt as usual
If no one can credit thr account from here , it makes no sense , so where will returns on my investments be paid into ?
Why not call it personal account instead of ordinary account?
What is the use or the purpose of openong an NRA account if not for GBAJUẸ ?
Do not make mistake of sending your foreign documents to Nigerian government or banks.
Your documents will end up at oluwole 😂😂
Tax raid guys thread carefully !!..you can bet tax will be paid on any profits on investments going into that acct no thanks!! also a very confusing process.....A way to tax diaspora in a nutshell
You are the smartest person.
Also if you make money on your investments and you don't report them in US you might enter IRS trouble
Nice video. But as someone who has domiciliary accounts in Nigeria I can tell you that the devil is in the detail. The domiciliary accounts in Nigeria do not have IBAN numbers. The cards are pretty much useless. They don't work in Nigeria and you can't move you money around as you like. It is a first step but a VERY LONG way to go.
Cbn functioning as a commercial bank plain & simple
nice
There are millions of second and third generation Nigerians in the diaspora without Nigerian passports. For this to appeal to them, they should be able to pick up visas on arrival at no cost once their foreign passports carry their Nigerian names. Again, the cost and process of obtaining Nigerian passports should be seamless.
Nigerian Banks already have diaspora accounts , GTB, Fidelity, Access , FBN.. and even diaspora investment accounts ? How exactly is this special ?
Scamara govt donn give up easily
Thanks for your broadcasts. But must they be more than 5 minutes each? The shorter the episode the better. Thanks.
😮😮 are you ok?
Too much information to be given to Nigerian government that is not secure.. they could have given it to the local banks rather than wasting time trying to save foreign exchange in this way ..
I will not advise anyone to give any information to any institution in Nigeria