The Central Bank of Nigeria (CBN) is seeking to simplify cross-border payments between Nigeria and China to boost trade, investment and business transactions.

CBN Governor Olayemi Cardoso disclosed this on Wednesday, October 21, during a business and financial roundtable in Beijing, where Nigerian and Chinese business leaders discussed challenges affecting payments between the two countries.

Cardoso said the CBN was engaging financial institutions and regulators to strengthen banking relationships and improve payment systems.

The initiative is expected to make transactions more efficient for businesses operating in both countries. However, no implementation timeline has been announced.