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CBN, Chinese Businesses Explore Solutions to Cross-Border Payment Barriers
CBN, Chinese Businesses Explore Solutions to Cross-Border Payment Barriers
CBN seeks more efficient payments and stronger banking links between Nigeria and China.
Business leaders identify transaction challenges and discuss a larger Nigerian banking presence in China.
Central bank plans further engagement with Chinese financial institutions and Nigerian businesses.
October 22, () – The Central Bank of Nigeria (CBN) has engaged Nigerian and Chinese business leaders on improving cross-border payments, strengthening banking relationships and expanding investment flows between the two economies.
The roundtable, themed Strengthening the Nigeria–China Financial Corridor, was held in Beijing on Wednesday, October 21, 2026, to identify practical obstacles to financial transactions and explore ways to deepen financial connectivity between both countries.
CBN Governor Olayemi Cardoso said direct engagement with businesses was necessary to understand the opportunities and constraints affecting financial activity between Nigeria and China and identify areas where stronger financial links could support investment.
Businesses flag cross-border payment barriers
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Participants discussed the difficulties encountered when conducting transactions between the two countries, including the need for more efficient cross-border payment arrangements and stronger connections between banks.
They also examined the potential benefits of a larger Nigerian banking presence in China, which could improve access to financial services for businesses operating across both markets.
Channel
The discussions covered broader opportunities to facilitate financial flows and improve access to investment opportunities in Nigeria.
Deputy Governor for Economic Policy at the CBN, Philip Ikeazor, delivered the opening remarks, highlighting the need to translate improvements in Nigeria’s macroeconomic conditions into increased investment and deeper financial markets.
Nigeria’s Ambassador to China, Abdulrahman Bello Dambazau, also addressed participants. Other speakers included Festus Mbisiogu, chairperson of Blue Diamond Group, and Diana Chen, chairperson of CIG Motors, who shared perspectives from businesses operating along the Nigeria–China corridor.
A presentation at the meeting outlined Nigeria’s economic reforms, macroeconomic developments and emerging investment opportunities in the country’s financial markets.
CBN seeks stronger banking links
The roundtable featured an interactive listening session in which businesses identified financial and institutional challenges affecting transactions between both countries.
Cardoso, in his closing remarks, stressed the importance of using the feedback to develop a clearer understanding of the issues requiring attention.
The CBN said insights from the discussions would inform further engagement with relevant financial institutions and regulatory counterparts, focusing on practical areas for cooperation within its mandate.
However, the meeting announcement did not specify any new payment agreements, banking arrangements or implementation timelines arising from the discussions.
China programme to extend to Guangzhou
The Beijing roundtable forms part of the CBN’s broader strategy to deepen Nigeria’s financial relationships across Asia.
The programme follows engagements in Singapore and meetings around the IMF and World Bank Annual Meetings in Bangkok.
In China, the bank’s schedule includes bilateral discussions with the People’s Bank of China, engagement with the leadership of the Industrial and Commercial Bank of China, and meetings with Nigerian and Chinese businesses.
The CBN is also expected to visit Guangzhou for a listening session with members of the Nigerian business community.
The meeting is intended to identify financial challenges facing Nigerian businesses and explore opportunities to strengthen remittance channels and facilitate investment into Nigeria.
The effectiveness of the initiative will depend on whether the issues raised by businesses lead to practical improvements in payment efficiency, banking access, and investment flows between Nigeria and China.
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