Upon investigating further, it seems there are regulations in place now for NRNs to open foreign currency bank accounts in Nepal and to repatriate any profit.

See sections 6 and 9 of the following 2064 act posted on the embassy website.
http://nepalembassyusa.org/wp-content/uploads/2015/11/non-resident-nepali-act-2064-english.pdf

What I have not been able to find is what is the exact steps in dealing with the bank to make this happen. Some folks told me to call up Nepal Rastra Bank, but I am afraid to think how fruitless that call might go.

Any NRN gurus here probably know where such details are documented?