Foreign Currency Pension Contributions (Dollar Fund)

Foreign Currency Pension Contributions (Dollar Fund)

A Simple Guide for Everyone

There’s now a smarter, more flexible way to grow your pension, and it speaks the language of global stability: US Dollars (USD).
The National Pension Commission has introduced Foreign Currency Pension  Contributions, and this new option allows you to save and grow your retirement funds directly in dollars, whether you live in Nigeria or abroad. It replaces the old Cross Border Pensions arrangement and gives contributors more control, more security, and more long-term value.

Who Can Contribute in Foreign Currency?

This option is open to:

• Nigerians living and working abroad
• Nigerians in Nigeria who are paid in foreign currency
• Foreigners working in Nigeria who earn in foreign currency
• RSA holders relocating abroad who want to continue contributing in USD

Once your income is legitimate and can be remitted through regulated channels, you can contribute to your RSA in USD.

How It Works

Contributors fund their Retirement Savings Account in US Dollars through their:

• Domiciliary Account (if living in Nigeria) or
• Non-Resident Nigerian Account (NRNOA) (if abroad)

Your contributions go straight into the Foreign Currency Pension Fund (Dollar Fund) managed by your Pension Fund Administrator.

Once your Retirement Savings Account is credited, it stays in dollars, it is invested in dollar-denominated instruments, and you earn returns in dollars too. Your RSA statements will clearly show your contributions and growth in USD, and when you eventually retire, you can choose to receive your benefits in dollars as well.

Why It Matters

The biggest advantage is stability. Saving in a strong global currency protects your pension from the impact of exchange rate volatility. Instead of worrying about the value of your future income, you are saving in a currency that holds its value over time.

For Nigerians in the diaspora, this also eliminates the stress of converting earnings into naira before contributing. Your pension now moves with you, wherever you live or work, and grows in the same currency you earn in.

Flexible and Convenient

You’re completely in control of how often you contribute. Whether it’s monthly, quarterly, or whenever you choose, your USD contributions go directly into your RSA and begin earning returns immediately. If you ever need access to part of your savings, you can withdraw a portion after six months of your first contribution, up to twice a year, with just a short notice period. This makes it both secure and accessible.

Your Money Works for You

Your contributions are invested in safe, regulated dollar assets like Eurobonds, money market instruments, and other approved securities. This ensures your funds are continually working to grow your retirement savings while staying protected under strong regulatory oversight.

A Better Way to Secure Your Future

The Foreign Currency Pension Contribution option is a timely upgrade to the pension system. It offers stability for those earning abroad, protection for those who want to diversify their retirement savings, and peace of mind for anyone thinking long-term.

It’s flexible, secure, transparent, and truly designed for today’s global world