The Central Bank of Nigeria has begun working with businesses in both Nigeria and China to remove barriers to cross-border payments and strengthen financial relationships between the two countries. The initiative, disclosed in a statement on Thursday following a high-level business and financial roundtable held in Beijing on October 21, 2026, aims to identify obstacles affecting transactions and explore ways to improve access to financial services, investment opportunities, and remittance channels.
The meeting at the Pan Pacific Beijing brought together business leaders and financial stakeholders from both countries. The CBN said participants raised the need for more efficient cross-border payment arrangements, stronger banking connectivity, and the potential benefits of a larger Nigerian banking presence in China. CBN Governor Olayemi Cardoso emphasised the importance of direct engagement with businesses to understand the constraints limiting financial activities between the two nations. He explained that insights from such discussions would help the apex bank identify opportunities to develop deeper and more accessible financial markets.
The interactive listening session allowed participants to discuss transaction difficulties and opportunities for improving financial connectivity. Speakers included the Chairperson of Blue Diamond Group, Festus Mbisiogu, and the Chairperson of CIG Motors, Chief Diana Chen, who shared perspectives from businesses operating between the two countries. The Deputy Governor for Economic Policy, Philip Ikeazor, highlighted the need to translate improvements in Nigeria's macroeconomic fundamentals into increased investment and stronger financial markets. Nigeria's Ambassador to China, Lt. Gen. Abdulrahman Dambazau (retd.), also addressed participants.
The CBN said the insights gathered are expected to inform its continued engagement with relevant financial institutions and regulatory counterparts, focusing on practical areas for cooperation within the bank's mandate. The Beijing meeting forms part of the apex bank's broader strategy to strengthen Nigeria's financial relationships across Asia, following earlier engagements in Singapore and at the IMF and World Bank Annual Meetings in Bangkok. The bank's China programme also includes bilateral discussions with the People's Bank of China, engagements with the Industrial and Commercial Bank of China, and meetings with Nigerian and Chinese businesses.
The CBN plans to extend the programme to Guangzhou, where it will hold another listening session with the Nigerian business community. According to the bank, the Guangzhou engagement will focus on understanding the financial challenges facing Nigerian businesses, strengthening remittance channels, and exploring opportunities to facilitate investment in Nigeria. For businesses and individuals sending money between Nigeria and China or conducting cross-border transactions, improved payment arrangements and banking connectivity could reduce costs and delays in moving funds and conducting trade.