CBN moves to ease payment barriers between Nigeria, China

Politics Spice Special Features Education Sex & Relationship Interview Columns Opinion Advertise with us CBN moves to ease payment barriers between Nigeria, China Money October 23, 2026 12:01 am CBN Governor, Olayemi Cardoso

The Central Bank of Nigeria has begun engaging with Nigerian and Chinese businesses to address cross-border payment challenges, strengthen banking relationships, and improve financial flows between the two countries.

The initiative aims to identify obstacles affecting transactions between businesses in both economies and explore measures to improve access to financial services, investment opportunities, and remittance channels.

This was disclosed in a statement issued by the apex bank on Thursday following a high-level business and financial roundtable held in Beijing, China, on Wednesday, October 21, 2026.

The CBN said, “Issues raised included the need for more efficient cross-border payment arrangements, stronger banking connectivity, and the potential benefits of a larger Nigerian banking presence in China.”

According to the statement, the meeting took place at the Pan Pacific Beijing and brought together business leaders and financial stakeholders from both countries.

The engagement provided an opportunity for businesses operating across the two markets to share their experiences and identify practical challenges affecting financial transactions and investment flows.

The CBN Governor, Olayemi Cardoso, emphasised the importance of direct engagement with businesses to understand the constraints limiting financial activities between Nigeria and China.

He explained that insights from such discussions would help the apex bank identify opportunities to develop deeper and more accessible financial markets.

The Deputy Governor for Economic Policy, Philip Ikeazor, delivered the opening remarks, highlighting the need to translate improvements in Nigeria’s macroeconomic fundamentals into increased investment and stronger financial markets.

Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Dambazau (retd.), also addressed participants.

Other speakers included the Chairperson of Blue Diamond Group, Festus Mbisiogu, and the Chairperson of CIG Motors, Chief Diana Chen, who shared perspectives from businesses operating between the two countries.

The statement explained that an interactive listening session formed a central part of the engagement, allowing participants to discuss transaction difficulties and opportunities for improving financial connectivity.

Discussions also examined the potential benefits of expanding the presence of Nigerian banks in China to support businesses conducting transactions between both countries.

Participants were further briefed on Nigeria’s economic reforms, improving macroeconomic conditions and emerging investment opportunities in its financial markets.

In his closing remarks, Cardoso stressed the importance of using feedback from businesses to identify financial and institutional challenges requiring attention.

The apex bank said, “The insights gathered are expected to inform the CBN’s continued engagement with relevant financial institutions and regulatory counterparts, focusing on practical areas for cooperation within the Bank’s mandate.”

The Beijing meeting forms part of the CBN’s broader strategy to strengthen Nigeria’s financial relationships across Asia, following earlier engagements in Singapore and at the IMF and World Bank Annual Meetings in Bangkok.

Sami Tunji is a Senior Business Correspondent at Punch Newspapers with about five years of experience in data-driven reporting. He covers finance, ICT, and broader macroeconomic issues, combining analytical insight with clear storytelling. Sami’s work reflects strong editorial judgment, professional development, and a commitment to accurate and informative business journalism.

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