The National Pension Commission (PenCom) has introduced new guidelines on Foreign Currency (FCY) pension contributions under the Contributory Pension Scheme (CPS), as part of its ongoing “Pension Revolution 2.0” reforms.
PenCom Director-General, Omolola Oloworaran, announced the development on Wednesday via her official X (Twitter) handle in Abuja, noting that the initiative is designed to set higher standards across key pillars of the pension system.
According to her, the FCY guidelines provide a framework for Nigerians living and working abroad, as well as Nigerian and foreign employees in Nigeria who earn all or part of their remuneration in foreign currencies, to make contributions in dollars. Contributors will also be able to access their benefits in dollars, unless they choose otherwise.
Oloworaran described the new rules as a landmark step toward expanding CPS coverage and deepening financial inclusion.
“This bold reform underscores PenCom’s commitment to safeguarding the retirement security of all working Nigerians, regardless of geographical borders,” she said.
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