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This paper titled “Banking Law and Economic Development in Nigeria: Contributions and Constraints of the Banks and Other Financial Institutions Act” came against the background of the current instability and uncertainty in the Nigerian banking sector and the need to strengthen the regulatory regime for optimal performance of the sector. The Banks and Other Financial Institutions Act is the principal legislation regulating banking in Nigeria and has a general application to all banks. This paper has therefore examined the strengths and weaknesses of this Act and measured its contributions to economic development in the country as well as its inherent constraints. The paper has found, among other things that the Act has contributed immensely to economic growth in the country through a multi-dimensional sectoral approach. However, a number of defects in the Act still need to be rectified. The paper has recommended the easing of over-regulation by striking out certain self-contradictory and ambiguous provisions that are open to abuse as well as placement of much more reliance on the courts for enforcement rather than the unguarded discretion allowed the Central Bank of Nigeria, among other things.