CBN MOVES TO REMOVE PAYMENT BARRIERS BETWEEN NIGERIA AND CHINA, TARGETS STRONGER TRADE TIES

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By NaijaParrot October 22, 2026 

BEIJING, CHINA The Central Bank of Nigeria (CBN) has intensified efforts to address difficulties affecting financial transactions between Nigeria and China, as the two countries explore ways to strengthen trade, investment and banking cooperation. The initiative follows discussions between Nigerian and Chinese business leaders and financial-sector representatives in Beijing, where participants examined obstacles affecting cross-border payments and the movement of funds between the two economies. According to a report by Punch, the engagement is part of the CBN’s broader effort to improve financial connectivity and make it easier for businesses operating in both countries to conduct transactions.

Governor Olayemi Cardoso said direct engagement with businesses would help the apex bank better understand the difficulties they encounter when transferring funds and conducting commercial activities across borders. Discussions at the Beijing roundtable covered more efficient payment and settlement arrangements, stronger links between financial institutions and the potential benefits of expanding the presence of Nigerian banks in China. The discussions also provided an opportunity for businesses to share their experiences and identify practical measures that could improve financial services and encourage investment. The CBN said feedback from participants would help guide further engagement with relevant financial institutions and regulatory authorities. 

 Nigeria and China maintain significant commercial ties, making reliable payment channels important for importers, exporters and other businesses operating between the two markets. However, difficulties with international settlements and limited banking connections can complicate transactions and affect the speed and convenience of payments. The CBN is therefore exploring ways to strengthen cooperation with Chinese financial institutions and improve access to financial services for businesses in both countries. Cardoso has also highlighted opportunities to attract more Chinese investment into Nigeria’s financial markets, including naira-denominated instruments. Engagements with the leadership of the Industrial and Commercial Bank of China (ICBC) have focused on identifying practical areas for cooperation and improving connections between Chinese financial institutions and investment opportunities in Nigeria. 

 The Beijing engagement forms part of a wider programme through which the CBN is seeking stronger financial relationships across Asian markets. The bank’s programme includes discussions with the People’s Bank of China, engagement with ICBC leadership and further consultations with Nigerian and Chinese businesses. The CBN also plans to hold a listening session in Guangzhou to understand the financial challenges facing Nigerian businesses, strengthen remittance channels and explore ways to facilitate investment. Although the discussions signal a renewed effort to address payment barriers, the CBN has not announced a specific implementation timetable or confirmed that a new payment system has already been introduced. The outcome will depend on follow-up discussions, cooperation between financial institutions and the practical arrangements eventually agreed upon by the relevant parties. 


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