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.

Its primary responsibilities include:[3] 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 National Assembly established the committee's jurisdiction to address the growing complexity of Nigeria's financial system and provide specialized legislative oversight.