Nigerians abroad get relief as PenCom okays foreign currency pension payments

The National Pension Commission (PenCom) has introduced guidelines for Foreign Currency (FCY) pension contributions, describing the move as part of the “pension revolution 2.0” aimed at strengthening Nigeria’s pension system.

Director-General of PenCom, Omolola Oloworaran, announced the development on Wednesday via her official X (Twitter) handle. She said the commission was rolling out new initiatives daily to set higher standards across key pillars of pension administration.

According to Oloworaran, the FCY guidelines provide a pension framework under the Contributory Pension Scheme (CPS) for Nigerians living and working abroad. The scheme will also cover Nigerians and foreign nationals working in Nigeria who earn part or all of their income in foreign currencies.

She explained that contributors will make their payments in dollars and will also have the option to access their retirement benefits in dollars—unless they choose to convert to naira.

“The FCY pension contribution guidelines, being issued for the first time, mark a watershed moment for CPS expansion and Nigeria’s financial inclusion drive,” the PenCom boss said.

She added that the initiative demonstrates PenCom’s commitment to safeguarding the retirement security of all Nigerian workers, regardless of geographical location.