November 12, 2025
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The National Pension Commission, PenCom, has unveiled guidelines on Foreign Currency, FCY, pension contributions, introducing new options for Nigerians at home and abroad under the Contributory Pension Scheme, CPS.
Announcing the initiative on her X (Twitter) handle 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 across the sector.
She explained that the FCY guidelines will allow Nigerians living and working abroad, as well as Nigerians and foreign nationals working in Nigeria but earning in foreign currencies, to make pension contributions in U.S. dollars.
According to her, contributors under the scheme will also be able to access their benefits in dollars, unless they choose to convert to naira.
Oloworaran said this was the first time such guidelines were being issued, calling it a watershed moment for expanding CPS coverage and driving financial inclusion.
“This initiative is a bold reform that demonstrates PenCom’s commitment to the retirement security of all working Nigerians, irrespective of geographical borders,” she stated.

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