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The short answer
Yes. A Nigerian living abroad can usually open a naira fixed deposit once they have a Nigerian bank account, which needs a BVN or, for those outside Nigeria, a Non-Resident BVN (NRBVN) that the CBN says carries a $50 processing cost. Banks with diaspora services, such as Fidelity Bank, set out documents including certified ID and recent proof of a foreign address.
Headline naira deposit rates can look far higher than savings rates in the UK, US or Europe, so Nigerians abroad frequently ask whether they can lock money in a Nigerian fixed deposit without flying home. The answer is generally yes, but the account and identity steps come first, and the currency risk is the part people underestimate.
Step one: a BVN or NRBVN
Nigerian bank accounts are tied to a Bank Verification Number. If you already had a BVN before leaving, it still applies. If you never enrolled, the Non-Resident BVN is the route for Nigerians abroad. A CBN statement reported by Arise News (8 July 2025) said BVN enrolment is free for Nigerians resident in Nigeria, while the NRBVN carries a $50 recoverable processing cost for remote biometric capture and due diligence. Our explainer on the NRBVN covers the process.
Step two: a Nigerian account
A fixed deposit is funded from, and pays back into, an account at the same bank. Several banks run diaspora account opening online. Fidelity Bank, for example, links a diaspora account-opening portal from its home page, and its diaspora banking page lists:
- a diaspora account form and a passport photograph;
- a notarised or certified copy of ID, with certification by a notary, court, lawyer, Nigerian embassy, foreign banker or Commissioner for Oaths;
- proof of address dated within the last three months;
- two Nigerian bank references;
- an option for a nominee resident in Nigeria as joint signatory.
Other banks' lists differ, so check the bank's own diaspora page. Our guide to opening a Nigerian account from abroad compares the routes.
Step three: placing the deposit
Once the account is active and funded, you can usually place the fixed deposit through the bank's app or internet banking, or by emailing a signed instruction to your account officer or the bank's diaspora desk. Ask for the rate in writing, and set the maturity instruction to pay into your account or roll over, since you will not be there to give instructions in person. Keep the deal slip or certificate.
Funding it
You can fund the account with a naira transfer from someone in Nigeria, or by sending foreign currency that is converted into naira. Once converted, your deposit is a naira asset, and whatever it earns is in naira.
The currency question
A high naira rate is only half the comparison if you will eventually need the money back in pounds, dollars or euros. If the naira weakens against your home currency over the deposit's term by more than the interest gap, you end up with less in foreign-currency terms than if you had saved abroad. If the naira holds or strengthens, the naira deposit wins. Nobody can promise which way it will go.
Example with made-up figures: you convert £1,000 to naira and earn 18% a year net in a naira deposit, while a UK account pays 4%. If the naira loses 20% against the pound over the year, your naira balance, converted back, is worth about £944 (1.18 × 0.8 × £1,000), less than the £1,040 you would have had in the UK account. If the naira is unchanged, you have about £1,180.
Managing the deposit from a distance
Living abroad makes routine events harder. A maturity date passes while you are at work in another time zone; a bank asks for an updated document; a card linked to the account expires. Plan for these before you place the money. Make sure internet banking and the app work on a phone number you can receive messages on abroad, keep a scanned set of your certified documents, and set a maturity instruction that does what you want without your involvement. If you appoint a nominee or joint signatory in Nigeria, be clear about what they may do: an either-to-sign mandate lets them act alone, including withdrawing the money. Our guide to joint fixed deposits sets out the mandate choices, and moving abroad with Nigerian accounts covers keeping accounts active.
Other things to check
- Whether a nominee or joint signatory in Nigeria can act if you cannot, and whether you want that.
- How you will receive alerts and approve instructions from abroad.
- NDIC cover: up to ₦5,000,000 per depositor at a deposit money bank and ₦2,000,000 at a microfinance bank, per the NDIC's FAQ.
- What happens if your ID or proof of address expires during the term.
Where Pryme fits
Pryme Personal Accounts can be opened from any country, and one account holds NGN, USD, GBP and EUR with local account details for each. Money stays in the currency it arrived in until you choose to convert with Swap, which shows the rate first and the fee on its own line. Naira can then go into a Fixed or Investment Box at the rate shown in the app. See multicurrency, Swap and open an account.
Questions people ask
Can I open a fixed deposit in Nigeria while living abroad?
Usually, yes. You need a BVN or NRBVN and a Nigerian account at the bank, then you can place the deposit online or by signed instruction.
How much is NRBVN registration?
A CBN statement reported in July 2025 said the NRBVN has a $50 recoverable processing cost for remote biometric capture and due diligence.
What documents do I need for a diaspora account?
Fidelity Bank, for example, asks for a diaspora form, a passport photo, certified ID, proof of address from the last three months and two Nigerian bank references. Other banks vary.
Is a naira fixed deposit a good idea if I live abroad?
It depends on the exchange rate over the term. If the naira falls by more than the interest gap, you lose in foreign-currency terms. Compare carefully before converting.
Sources
- Arise News: CBN says BVN registration still free in Nigeria, $50 fee for diaspora NRBVN processing (8 Jul 2025) · accessed Oct 2026
- Fidelity Bank: Diaspora Banking · accessed Oct 2026
- Fidelity Bank: Home page (account opening and diaspora links) · accessed Oct 2026
- NDIC: Frequently asked questions · 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.