CBN moves to ease payment barriers between Nigeria, China

The Central Bank of Nigeria (CBN) has initiated efforts to address payment barriers between Nigeria and China, aiming to enhance financial flows and boost banking relationships in both countries. This was revealed in a statement following a high-level business and financial roundtable held in Beijing, China on October 21, 2026. The CBN highlighted the need for more efficient cross-border payment arrangements and stronger banking connectivity during the meeting.

CBN Governor, Olayemi Cardoso, emphasized the importance of direct engagement with businesses to identify constraints limiting financial activities between Nigeria and China. The Deputy Governor for Economic Policy, Philip Ikeazor, stressed the potential for increasing investment and strengthening financial markets. The meeting brought together business leaders and financial stakeholders from both nations to discuss transaction difficulties and opportunities for improving financial connectivity.

Nigeria's Ambassador to China, Lt. Gen. Abdulrahman Dambazau (retd.), also addressed the participants. The CBN envisions expanding the presence of Nigerian banks in China to facilitate transactions and support businesses conducting transactions across both markets. This marks part of the CBN's broader strategy to strengthen financial relationships across Asia, following previous engagements in Singapore and at the IMF and World Bank Annual Meetings in Bangkok.