AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Yes. Naira can only be held in Nigeria, so your options are an ordinary Nigerian bank account you keep from before, a Non-Resident Nigerian Ordinary Account under the CBN framework in force since 1 January 2025, or a naira balance with a Nigerian microfinance bank or app. In each case the money sits with a CBN-licensed institution and is insured by the NDIC up to ₦5 million per depositor at a commercial bank or ₦2 million at a microfinance bank.
Plenty of Nigerians in Italy want some money in naira: to pay family bills, to save for land or a house, to cover a trip home, or simply because income still comes in from Nigeria. Living in Italy does not stop you holding naira. It just changes how you open, run and protect the account.
Where naira can be held
Naira balances are always held in Nigeria, by a bank or other institution licensed by the Central Bank of Nigeria. An Italian bank will not open a naira account for you. Whatever app or service you use from Italy, the question to ask is: which Nigerian licensed institution holds my naira, and is it insured?
Your options
| Option | Who it suits | What you need |
|---|---|---|
| Keep your existing Nigerian account | You opened it before leaving and it is still active | BVN linked, phone or email that works abroad, regular use to avoid dormancy |
| Non-Resident Nigerian Ordinary Account (NRNOA) | Nigerians abroad who want to send foreign earnings home and manage naira and foreign currency | Proof of Nigerian status, proof of address abroad, proof of income, BVN |
| Non-Resident Nigerian Investment Account (NRNIA) | Those investing in Nigerian shares or debt | As above, plus investment purpose |
| Microfinance bank or app naira balance | Smaller, everyday naira needs, often opened remotely | Varies by provider; usually BVN or NIN |
The non-resident accounts
The CBN's framework for Non-Resident Nigerian Ordinary and Investment Accounts took effect on 1 January 2025. As summarised by Lexworth on Mondaq, both can hold foreign currency and naira. Money must come in from external sources through approved channels; local naira deposits are not allowed unless they trace back to earlier foreign inflows. Foreign-currency balances can be sent back abroad without restriction, while naira in the investment account can be repatriated only with evidence of the original foreign inflow. Banks ask for proof of Nigerian status (a Nigerian passport, valid or expired, or a foreign passport plus evidence of a Nigerian parent), proof of address and of income, and a BVN.
If you never enrolled for a BVN, the Non-Resident BVN is designed for you; see the NRBVN explained.
How safe is naira in Nigeria?
The NDIC insures deposits up to set limits per depositor per institution. From May 2024 the limits are ₦5,000,000 at deposit money banks and ₦2,000,000 at microfinance and primary mortgage banks, as reported by Arise News; at a town hall in February 2026 the NDIC repeated those figures and said it used BVNs to trace depositors' accounts when a bank fails. Balances above the limit are paid, if at all, from the sale of the failed bank's assets.
The other risk is the exchange rate. Naira held for a year is worth whatever the naira-euro rate says when you convert, and that can move a long way. Hold naira for naira costs; hold euros for euro costs. For a fuller comparison see saving in naira or euros from Italy.
Practical uses for a naira balance
The strongest reason to hold naira from Italy is a naira cost: school fees for a younger sibling, support for parents, rent on a family house, or a building project paid in stages. Holding naira for these avoids converting euros each time a bill is due. The weakest reason is speculation that the naira will strengthen; if it does not, savings meant for Italy shrink in euro terms.
Italian reporting
If you are tax resident in Italy, accounts held abroad, including Nigerian ones, generally have to be reported in the quadro RW of your tax return and can attract IVAFE, the tax on foreign financial assets. The rules and amounts are explained in quadro RW for Nigerian investments and IVAFE on Nigerian bank accounts.
Keeping the account alive
- Make at least one transaction regularly; banks restrict accounts that sit unused.
- Keep the phone number on your BVN reachable. Since 1 May 2026 Guardian reports the BVN phone number can be changed only once, so choose carefully.
- Set up app and token access before you leave Nigeria, or confirm your bank supports email-based codes.
- Name a trusted person in Nigeria only as a contact; do not share PINs or passwords. See keeping a Nigerian account active from Italy.
Where Pryme fits
A Pryme Personal account can be opened from Italy. Your naira is held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit, and the same account holds euros, dollars and pounds with local details for each. Money stays in the currency it arrived in until you Swap. For family at home, Savings Boxes work on naira held in Nigeria. See multicurrency accounts and open an account.
Questions people ask
Can I open a naira account while living in Italy?
Yes. Some Nigerian banks offer non-resident accounts under the CBN's 2025 framework, and some microfinance banks and apps open naira accounts remotely. You will need a BVN or NRBVN.
Is my naira safe in a Nigerian bank while I am abroad?
Deposits are insured by the NDIC up to ₦5 million per depositor at a commercial bank and ₦2 million at a microfinance bank. The bigger risk for most people is the exchange rate.
Can I deposit naira cash into a non-resident account?
Generally no. The NRNOA framework says inflows must come from external sources through approved channels, with local deposits only where traceable to earlier foreign inflows.
Do I declare a Nigerian account in my Italian tax return?
If you are tax resident in Italy, foreign accounts generally go in the quadro RW and may attract IVAFE. Check the current rules before you file.
Sources
- Mondaq: CBN operational framework for Non-Resident Nigerian Ordinary and Investment Accounts (22 May 2025) · accessed Oct 2026
- Arise News: NDIC increases deposit insurance coverage levels (3 May 2024) · accessed Oct 2026
- Arise News: NDIC restates commitment to swift depositor payouts (15 Feb 2026) · accessed Oct 2026
- Guardian Nigeria: concern over CBN's lifetime limit on BVN phone number changes (2 May 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.