The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said Nigeria will pursue improved cross-border payment arrangements with China during a planned visit to Beijing, as both countries seek to deepen financial cooperation and facilitate bilateral trade and investment.
Cardoso disclosed this at a briefing following Nigeria’s participation in the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Bangkok, Thailand.
He said he had met with Pan Gongsheng, governor of the People’s Bank of China, to discuss ways to strengthen financial ties between the two countries.
Cross-border payments, trade in focus
According to Cardoso, the discussions covered cross-border payments, settlement arrangements, financial technology and trade finance.
He said Nigeria would build on the discussions during an upcoming visit to Beijing, focusing on facilitating cross-border payments, supporting trade and investment, and strengthening financial intermediation between the two countries.
The planned visit is expected to provide an opportunity to advance the talks and explore arrangements that could make transactions between Nigerian and Chinese businesses easier.
More efficient payment and settlement systems could help reduce friction in bilateral trade. However, the CBN has not disclosed specific measures, implementation timelines or details of any proposed payment arrangement.
CBN discusses investment-grade ratings.
Cardoso also said his engagements with international credit rating agencies, including S&P Global Ratings and Moody’s, focused on Nigeria’s economic outlook and its prospects of achieving investment-grade credit ratings over the medium term.
He said the discussions highlighted the importance of consistent economic policies, credible institutions and effective coordination between fiscal and monetary authorities.
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The CBN governor also participated in IMF discussions on the global economy, where he shared Nigeria’s experience and lessons for emerging markets, particularly in Africa.
He said emerging economies must look beyond surviving crises and focus on building productive, competitive and resilient economies capable of withstanding future shocks.
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He also participated in an IMF seminar on central bank decision-making under uncertainty, where he discussed the CBN’s experience in strengthening monetary policy decisions, transparency and communication.
Cardoso cited the September reduction in the monetary policy rate (MPR) from 26.5 per cent to 23 per cent as an example of the importance of credible institutions and clear communication.
The 350-basis-point cut marked a shift in the CBN’s monetary policy stance amid changing economic conditions.
Price stability remains CBN’s priority
Looking ahead, Cardoso acknowledged Nigerians’ patience and resilience during a difficult period of economic adjustment, saying the priority was to consolidate recent gains and translate them into higher investment, productivity and sustainable growth.
He said the CBN would maintain its focus on price stability, monetary discipline and safeguarding the financial system, with single-digit inflation remaining its medium-term objective.
The governor also thanked the Minister of Finance, other members of Nigeria’s delegation and international partners for their collaboration during the meetings.
He expressed optimism that the engagements would strengthen Nigeria’s financial system and support its long-term economic ambitions.
Nigeria deepens financial ties with Asia.
Beyond China, Nigeria’s delegation engaged with the Monetary Authority of Singapore as part of efforts to strengthen the country’s financial relationships with Asian markets.
Cardoso said the delegation also signed a memorandum of understanding with a global financial technology network, although the statement did not identify the organisation or provide details of the agreement.
The delegation also convened the Nigeria-Asia Financial Connectivity Dialogue in collaboration with JPMorgan, Nigerian Exchange Group and FMG Group.
The engagements form part of Nigeria’s broader efforts to strengthen financial connectivity, facilitate cross-border transactions and deepen economic ties with international partners.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.