The National Pension Commission (PenCom) has introduced new guidelines that allow Nigerians abroad and foreign-currency earners in Nigeria to save pensions in US dollars.
Released in September 2025, the policy expands the Contributory Pension Scheme (CPS) and empowers Pension Fund Administrators (PFAs) to manage dollar contributions under strict governance rules.
PenCom said Nigerians living overseas, expatriates, and local workers paid in foreign currency can now open dollar Retirement Savings Accounts (RSAs). Contributors must provide valid identification and pass Know Your Customer (KYC) checks.
All contributions will be in dollars, with 60% accessible before retirement and 40% preserved strictly for retirement. Temporary withdrawals are allowed twice a year, while banks are barred from charging transfer fees.
PFAs must report contributions above $10,000 to the Nigeria Financial Intelligence Unit within 24 hours. The funds will be invested in safe dollar instruments such as Eurobonds, government securities, and other regulated assets.
Contributors can withdraw retirement benefits from age 50, in dollars or naira, with contributions and returns remaining largely tax-exempt.
PenCom said the reform will deepen pension participation by the diaspora while ensuring transparency and global compliance.