CBN Moves to Ease Payment Barriers Between Nigeria, China

The Central Bank of Nigeria (CBN) has begun consultations with Nigerian and Chinese businesses to identify and address challenges affecting cross-border payments, banking relationships and financial transactions between the two economies.

The initiative was discussed at a high-level business and financial roundtable held in Beijing, China, on Wednesday, October 21, bringing together business leaders and financial sector stakeholders from both countries.

CBN Governor, Olayemi Cardoso, said direct engagement with businesses was essential to understanding the practical difficulties they encountered when conducting transactions and pursuing investment opportunities across the two markets.

Participants highlighted the need for more efficient payment arrangements, stronger banking connectivity and a potentially expanded presence of Nigerian banks in China to support commercial activities.

The discussions also examined ways to improve access to financial services, strengthen remittance channels and facilitate investment between the countries.

The CBN Deputy Governor for Economic Policy, Philip Ikeazor, delivered the opening remarks, stressing the importance of translating improvements in Nigeria’s macroeconomic conditions into increased investment and stronger financial markets.

Nigeria’s Ambassador to China, retired Lieutenant General Abdulrahman Dambazau, also addressed participants, while business representatives, including Blue Diamond Group Chairperson Festus Mbisiogu and CIG Motors Chairperson Diana Chen, shared experiences of operating across both markets.

Cardoso said the feedback gathered would guide further engagement with financial institutions and regulatory counterparts to identify practical areas for cooperation within the CBN’s mandate.

The Beijing meeting forms part of the apex bank’s broader efforts to strengthen Nigeria’s financial relationships across Asia, following earlier engagements in Singapore and during the International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.

The bank’s China programme also includes discussions with the People’s Bank of China, engagements with the leadership of the Industrial and Commercial Bank of China, and further consultations with businesses in Guangzhou.

The CBN said the engagements were intended to identify workable solutions to payment and financial connectivity challenges. However, it has not announced a final agreement, implementation timetable or launch date for a new Nigeria-China payment system.