PenCom Unveils Foreign Currency Pension Contribution Guidelines For Nigerians Abroad

The National Pension Commission (PenCom) has issued new guidelines allowing pension contributions in foreign currency (FCY), a move it says will deepen financial inclusion and strengthen Nigeria’s pension system.
Director-general of PenCom, Omolola Oloworaran, announced the initiative via her official X handle, describing it as a landmark step under what she called “Pension Revolution 2.0.”
The FCY framework allows Nigerians living and working abroad, as well as expatriates and Nigerians earning in foreign currencies locally, to make pension contributions in dollars. Contributors can also choose to withdraw their benefits in foreign currency, unless they opt otherwise.
“This bold reform demonstrates PenCom’s commitment to securing the retirement future of all Nigerians, regardless of geographical borders,” Oloworaran said. She added that the guidelines mark the first time such an arrangement is being introduced under the Contributory Pension Scheme (CPS).
Analysts say the reform could channel more diaspora remittances into Nigeria’s pension assets, boosting long-term savings and expanding the N20.4 trillion industry.