Nwaba spent last season with the Cleveland Cavaliers. He made 14 starts in 51 appearances, finishing with averages of 6.5 points, 3.2 rebounds, and 1.1 assists in 19.3 minutes per contest.
He's likely to share duties with Garrett Temple as the Nets' backup shooting guard.
The 26-year-old Nwaba is coming off his third season in the league after going undrafted in 2016. He first broke through on a couple of 10-day deals with the Los Angeles Lakers, though the team waived him after his rookie year. He then landed with the Chicago Bulls for 2017-18, playing 70 games (21 starts) with the franchise.