The Central Bank of Nigeria (CBN) has begun discussions with Nigerian and Chinese business leaders to address barriers to cross-border payments and strengthen financial ties between the two countries.

The engagement took place at a business and financial roundtable in Beijing, China, on Wednesday, October 21, as part of efforts to improve banking connectivity, facilitate transactions and encourage greater trade and investment between both economies.

According to reports published on Thursday, the meeting was convened by the CBN and themed “Strengthening the Nigeria–China Financial Corridor.” It brought together businesses and financial-sector stakeholders operating in both markets to discuss challenges affecting payments and financial flows.

CBN Governor Olayemi Cardoso said direct engagement with businesses was important for understanding the practical constraints affecting financial activity between Nigeria and China.

Discussions focused on the need for more efficient cross-border payment arrangements, stronger connections between banks in both countries and the potential benefits of expanding the presence of Nigerian banks in China.

Participants also explored ways to improve access to financial services and investment opportunities, while identifying obstacles that make it difficult for businesses to complete transactions across the two markets.

The CBN’s Deputy Governor for Economic Policy, Philip Ikeazor, also addressed the roundtable, highlighting the importance of translating improvements in Nigeria’s macroeconomic conditions into increased investment and deeper financial markets.

The discussions form part of broader efforts by the Nigerian authorities to strengthen financial cooperation with China. Earlier in October, Cardoso said Nigeria would pursue stronger payment and settlement arrangements with China following discussions with Pan Gongsheng, governor of the People’s Bank of China.

The CBN has not announced a specific implementation timeline or detailed measures arising from the latest roundtable. The engagement, however, signals a focus on identifying practical solutions to payment difficulties and improving financial connectivity between Nigerian and Chinese businesses.

Any changes to payment arrangements would be particularly relevant to companies conducting trade between the two countries, although the extent of the impact will depend on the measures eventually adopted and implemented.