The Central Bank of Nigeria (CBN) has begun discussions with Nigerian and Chinese businesses to address payment challenges affecting trade and investment between both countries.
The discussions took place at a business and financial roundtable in Beijing on October 21, 2026, as the apex bank seeks to strengthen financial connections between Nigeria and China.
The meeting brought together business leaders and financial stakeholders to examine difficulties encountered when transferring money across borders.
Participants highlighted the need for more efficient payment arrangements, stronger banking relationships and a greater presence of Nigerian banks in China.
CBN Governor Olayemi Cardoso said engaging directly with businesses would help the bank identify obstacles affecting financial transactions and determine practical areas for cooperation.
The initiative also seeks to improve access to financial services, remittance channels and investment opportunities.
China remains an important trading partner for Nigeria, making reliable payment systems essential for businesses importing goods, paying suppliers and expanding commercial operations.
Improving financial connections could help reduce transaction difficulties and make trade between both countries more efficient.
The CBN said the engagement would continue through discussions with the People’s Bank of China, Industrial and Commercial Bank of China and Nigerian business owners in Guangzhou.
However, the discussions have not yet resulted in the announcement of a specific new payment arrangement.
The eventual impact will depend on whether future measures can reduce transaction costs, improve settlement efficiency and make cross-border payments more accessible to businesses.
Source:
Punch Newspapers
