The National Pension Commission (PenCom) has released its first-ever guidelines on foreign currency (FCY) pension contributions under the Contributory Pension Scheme (CPS), as part of its ongoing “Pension Revolution 2.0” reforms.
The Director-General of PenCom, Mrs. Omolola Oloworaran, announced the development on Wednesday via her X (formerly Twitter) handle. She explained that the new rules are designed to strengthen Nigeria’s pension system by widening coverage and raising standards across the scheme’s key pillars.
According to her, the guidelines provide pension arrangements for Nigerians living and working abroad, as well as for Nigerian and foreign employees in Nigeria who receive all or part of their remuneration in foreign currencies.
“The contributors will also be able to access their benefits in dollars, except where they choose otherwise,” Oloworaran said.
She described the initiative as a “watershed moment” for the CPS, noting that it reflects PenCom’s commitment to financial inclusion and to ensuring retirement security for Nigerians irrespective of geographical location.
