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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said Nigeria will pursue stronger cross-border payment arrangements with China during an upcoming visit to Beijing, as both countries seek to deepen financial cooperation and support bilateral trade and investment.
Cardoso disclosed this at a news 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 cooperation between the two countries.
Focus on payments, trade and financial technology
According to Cardoso, the discussions covered cross-border payments, settlement arrangements, financial technology and trade finance.
- “Nigeria would build on the discussions during an upcoming visit to Beijing, with emphasis on facilitating cross-border payments, supporting trade and investment, and strengthening financial intermediation between the two countries,” he said.
The planned visit is expected to provide an opportunity to advance the discussions and explore arrangements that could make transactions between Nigerian and Chinese businesses easier.
Improved cross-border payment systems could also support bilateral trade by addressing some of the challenges associated with international settlements, although the CBN has not disclosed specific implementation plans or timelines.
Nigeria discusses investment-grade ratings with agencies
Cardoso also said his engagements with international credit rating agencies, including Standard & Poor’s and Moody’s, focused on Nigeria’s economic outlook and the prospects of achieving investment-grade 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.
The CBN governor also participated in IMF discussions on the global economy, where he shared Nigeria’s experience and lessons for emerging economies, particularly in Africa.
- “Emerging economies must look beyond surviving crises and focus on building productive, competitive and resilient economies capable of withstanding future shocks,” he said.
Cardoso calls for greater African participation in AI
On artificial intelligence, Cardoso said African countries must move beyond being passive participants in the technological revolution and develop the capacity to shape its opportunities and capture the economic value it generates.
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% to 23% as an example of the importance of credible institutions and clear communication.
The 350-basis-point reduction marked a shift in the CBN’s monetary policy stance amid changing economic conditions.
CBN prioritises price and financial stability
Looking ahead, Cardoso acknowledged the patience and resilience of Nigerians 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 stability of 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 the country’s long-term economic ambitions.
Nigeria deepens financial engagement with Asia
Beyond China, Nigeria’s delegation engaged 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 he did not identify the network in the statement.
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 relationships with international partners.
