The National Pension Commission (PenCom) has introduced fresh guidelines on foreign currency (FCY) pension contributions, creating new opportunities for Nigerians at home and abroad under the Contributory Pension Scheme (CPS).
Announcing the initiative in Abuja on Wednesday, PenCom’s Director-General, Omolola Oloworaran, described it as part of the ongoing “Pension Revolution 2.0” aimed at raising standards and broadening coverage in the sector.
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The new rules will allow Nigerians living and working abroad, as well as Nigerians and foreign nationals in Nigeria earning in foreign currencies, to make contributions in U.S. dollars. Contributors will also be able to access benefits in dollars, unless they choose conversion to naira.
Oloworaran said this marks the first time such guidelines are being issued, calling it a watershed reform that expands pension coverage and drives financial inclusion.
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“This initiative is a bold reform that demonstrates PenCom’s commitment to the retirement security of all working Nigerians, irrespective of geographical borders,” she said.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
