CBN seeks easier payments between Nigeria, China

The Central Bank of Nigeria (CBN) is seeking ways to remove barriers to cross-border payments and strengthen banking ties with China to increase financial transactions, investment, and access to financial services between the two economies.

The CBN said Nigerian and Chinese business leaders discussed the difficulties of conducting financial transactions between the two countries at a high-level business and financial roundtable in Beijing on Wednesday.

A CBN statement on Thursday in Abuja said the meeting examined how more efficient payment arrangements, stronger banking relationships, and improved investment channels could make it easier for businesses operating across the two markets to move funds and pursue investment opportunities.

The roundtable, held at the Pan Pacific Beijing, was organised under the theme “Strengthening the Nigeria–China Financial Corridor.”

The engagement comes as the CBN intensifies efforts to deepen Nigeria’s financial relationships across Asia and improve connections between Nigerian businesses and international financial markets.

Participants discussed the need for more efficient cross-border payment arrangements and stronger banking links to support transactions between Nigerian and Chinese companies.

Participants also considered the potential benefits of a larger Nigerian banking presence in China, which could improve financial connectivity and access to banking services for businesses operating in both countries.

CBN Governor Olayemi Cardoso said direct engagement with businesses was important for understanding the practical difficulties affecting financial activities between Nigeria and China.

The discussions gave companies operating across the two markets a chance to share their experiences and identify financial and institutional challenges to address to strengthen economic ties.

The CBN said participants’ feedback would guide its further engagement with relevant financial institutions and regulatory authorities, particularly in areas where it could pursue practical cooperation within its mandate.

The Bank did not announce a concluded agreement on a new cross-border payment system or an approved expansion of Nigerian banks into China. Instead, the discussions aimed to identify obstacles and potential areas of cooperation that could support stronger financial flows.

TAGS: Nigerian and Chinese business leaders

Abuja doctor reveals a unique way to permanently cure weak erection, small and shameful manhood, and infertility issues without side effects within a short period. Click now to see!!

🩺 Healthcare is now just a click away! Connect with healthcare professionals from anywhere with DesolNetwork Telemedicine. 👉 Register now & learn more: https://desolnetwork.com

Stay informed and ahead of the curve! Follow The Nation Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don’t miss a headline — join now!