Recently, broadband analog network coding (ANC) was introduced for high-speed transmission over the wireless (frequency-selective fading) channel. However, ANC requires the knowledge of channel state information (CSI) for self-information removal and coherent signal detection. In ANC, the users' pilot signals interfere during the first slot, which renders the relay unable to estimate CSIs of different users, and, consequently, four time-slot pilot-assisted channel estimation (CE) is required to avoid interference. Naturally, this will reduce the capacity of ANC scheme. In this paper, we theoretically analyze the bit error rate (BER) performance of bi-directional broadband ANC communication based on orthogonal frequency division multiplexing (OFDM) radio access. We also theoretically analyze the performance of the channel estimator's mean square error (MSE). The analysis is based on the assumption of perfect timing and frequency synchronization. The achievable BER performance and the estimator's MSE for broadband ANC is evaluated by numerical and computer simulation. We discuss how, and by how much, the imperfect knowledge of CSI affects the BER performance of broadband ANC. It is shown that the CE scheme achieves a slightly higher BER in comparison with ideal CE case for a low and moderate mobile terminal speed in a frequency-selective fading channel.