House Committee on Banking and Currency (Nigeria)
From Wikipedia, the free encyclopedia
 | |
| 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 |
| 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]
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.