House Committee on Banking and Currency (Nigeria)

This article is about the House Committee on Banking and Currency in Nigeria. For other committees in Nigeria, see List of committees of the National Assembly of Nigeria. For related U.S. committee, see United States House Committee on Financial Services.

House Committee on Banking and Currency

Abbreviation	HCBC
Founder	National Assembly of Nigeria
Type	Standing Committee
Legal status	Active
Purpose	Legislative oversight on banking policies, currency management, and financial stability
Headquarters	National Assembly, Abuja, Nigeria
Region served	Nigeria
Official language	English
Chairman	Hon. Mohammed Bello El-Rufai
Main organ	Federal House of Representatives
Parent organization	National Assembly of Nigeria
Affiliations	Central Bank of Nigeria, Federal Ministry of Finance (Nigeria)
Website	www.nass.gov.ng
Remarks	Oversees Nigeria's banking system, currency management, and monetary policy

The House Committee on Banking and Currency is a standing committee in the Nigerian House of Representatives that oversees the nation's banking sector, currency policies, and financial institutions. Chaired by Hon. Mohammed Bello El-Rufai, the committee collaborates closely with the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, and other regulatory agencies to ensure financial stability and promote economic growth. Through legislative oversight, public hearings, and policy reviews, the committee addresses excessive banking charges and currency management issues while fostering accountability and confidence in Nigeria's financial system.[1][2]

Jurisdiction

The House Committee on Banking and Currency of Nigeria's House of Representatives holds jurisdiction over several key areas within the nation's financial sector. Its primary responsibilities include:[3]

• Banks and Banking: Overseeing the operations, regulations, and policies related to banking institutions, including deposit insurance and monetary policy.
• Currency Management: Supervising national currency issuance, circulation, and regulation matters.
• Financial Institutions: Regulating non-banking financial entities to ensure compliance with national financial laws and policies.
• Monetary Policy Oversight: Monitoring and evaluating the implementation of monetary policies by the Central Bank of Nigeria (CBN) to ensure alignment with national economic objectives.
• Legislative Framework: Developing and amending laws that govern the financial sector to promote stability, growth, and consumer protection.

History

The committee was established to oversee the nation's banking sector, currency regulation, and financial policies. Its creation is rooted in the Constitution of the Federal Republic of Nigeria, which empowers the National Assembly to form committees necessary for the effective execution of its legislative responsibilities. Specifically, Section 62(1) of the Constitution states:

"The Senate or the House of Representatives may appoint a committee of its members for such special or general purposes as in its opinion would be better regulated and managed using such a committee."[4]

The National Assembly established the committee's jurisdiction to address the growing complexity of Nigeria's financial system and provide specialized legislative oversight. It plays a major role in shaping financial legislation and ensuring the stability and accountability of Nigeria's financial institutions. Over the years, the committee has contributed to formulating and amending key laws, such as the Banks and Other Financial Institutions Act (BOFIA), which governs banking operations in Nigeria.[5]

Its functions align with constitutional provisions and the broader mandate of the National Assembly to safeguard the nation's economic framework. Under successive legislative sessions, the committee has held public hearings, engaged with financial regulators like the Central Bank of Nigeria (CBN), and addressed critical issues affecting the financial sector, such as excessive bank charges and currency management.[6]

See also

• Federal Ministry of Finance (Nigeria)
• House Committee on Finance (Nigeria)
• House Committee on Aids, Loans and Debt Management
• Central Bank of Nigeria
• National Assembly of Nigeria

References

1. Adeyiga, Abisoye (2015-10-18). "Reps Summon CBN Boss Over BVN Breaches". Channels TV. Channels TV. Retrieved 2025-01-07.
2. "Monetary Policy Committee (MPC)". Central Bank of Nigeria's Website.
3. "House to Probe Non-compliance by Banks with CBN Directives on NOP Limits Nigeria". This day live. This day live. 2024-09-01. Retrieved 2025-01-07.
4. "Constitution of the Federal Republic of Nigeria 1999". Nigeria Law. Retrieved 2025-01-07.
5. "BOFIA and Sanity of Nigeria's Financial System". This day live. This day live. 2024-09-02. Retrieved 2025-01-07.
6. Oladunmade, Muktar (2023-03-01). "Nigerian House of Reps orders banks to improve online banking". Tech Cabal. Tech Cabal. Retrieved 2025-01-07.