Foreign Currency Pension Contributions (FCY)

The National Pension Commission (PenCom) has introduced the Foreign Currency Pension Contribution option, also known as the FCY. This initiative allows eligible contributors to save and grow their retirement funds in US Dollar (USD), whether they reside in Nigeria or abroad. It provides greater stability, enhanced value preservation, and stronger long-term protection for your retirement savings.

Who Can Contribute?

• The FCY is open to:
  • Nigerians living and working abroad,
  • Nigerians resident in Nigeria who earn in foreign currency,
  • Foreign nationals working in Nigeria and paid in foreign currency, and
  • RSA holders relocating overseas who wish to continue contributing in USD.

How It Works

Contributions are made in USD through a Domiciliary Account (for contributors in Nigeria) or a Non-Resident Nigerian Ordinary Account (NRNOA) for those abroad. Once your Retirement Savings Account is credited, the funds are retained in dollars and professionally invested in carefully selected dollar-denominated instruments, generating returns in USD.

Your RSA statements clearly reflect all contributions and investment growth in dollars, ensuring full transparency. At retirement, you also have the option to receive your benefits in USD — providing currency consistency from contribution to payout.

Built for Stability. Designed for Flexibility.

Saving in a strong global currency helps protect your pension from exchange rate volatility and preserves its long-term value. For Nigerians in the diaspora, the process is seamless — you no longer need to convert your income into naira before contributing. Your pension moves with you, everywhere you go.

The structure is both flexible and secure. You decide how frequently to contribute — daily, monthly, quarterly, or at your convenience and your funds begin earning returns immediately.

The contributions section of your Retirement Savings Account (RSA) is divided into two portions to balance flexibility with long-term security.

• 60% of your contributions is classified as the contingent portion. This portion is available for withdrawal after a minimum waiting period of six (6) months from the date of your initial contribution.
• 40% of your contributions is preserved strictly for retirement and can only be accessed upon attaining the age of 50 years or on health grounds. This ensures that a substantial part of your savings remains protected for your long-term financial security.

Click here to download the Guidelines for Foreign Currency Arrangements under the Pension Reform Act