CBN Addresses Payment Barriers in Nigeria-China Trade

The Central Bank of Nigeria (CBN) is taking steps to tackle payment barriers in Nigeria-China trade to enhance bilateral trade and attract investment. CBN Governor Olayemi Cardoso made this announcement at the “Strengthening the Nigeria-China Financial Corridor” roundtable in Beijing.

He engaged with Chinese investors, Nigerian business leaders, commercial banks, and fintech operators to discuss improving financial connectivity. Key topics included payment difficulties, local-currency settlement, export financing, and access to long-term capital.

Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), emphasized the need for effective financial cooperation to benefit businesses, ensuring reliable payments and timely export earnings. He identified efficient payment systems and practical local-currency arrangements as priorities.

Cardoso noted improvements in Nigeria’s foreign exchange market, highlighting reduced reliance on central bank intervention and increased market liquidity. Nigeria's gross external reserves exceeded $55 billion, and inflation had significantly declined from its 2024 peak.

Cardoso reaffirmed the CBN's commitment to consistent policies supporting these economic reforms.