The Central Bank of Nigeria (CBN) is to implement a robust and more efficient payment system in the country, the official News Agency of Nigeria reported on Monday.

CBN Governor Charles Soludo was quoted as saying that Nigeria desired a payment system that would "not only meet the challenges of the time but also help to propel the economy along desired path. "

In a keynote address at the opening of a three-day seminar in Ibadan, southwest Nigeria on Monday, Soludo said Nigeria would adopt new strategies for revamping the payment system.

He explained that the new strategies included the establishment of clearing houses across the country, sponsoring of legislation to ensure soundness and stability of the banking system as well as the promulgation of Dishonored Cheque Offenses Act and Failed Banks and Financial Malpractices in Bank Act.

He said the bank was poised to make Nigeria the financial hub in Africa and one of the top 20 economies in the world.

"As you are aware, the CBN is determined to make Nigeria Africa 's financial hub. It also desires to realize the dream of making Nigeria one of the world's 20 largest economies by 2020," he said.

The CBN governor said that the bank would soon introduce the Financial System Strategy which was being designed to ensure the achievement of the lofty objectives enunciated above.

He said an international conference on the strategy would be held in February 2007 where the draft road map on the strategy would be presented to the international community.