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Pyrex Journal of Business and Finance Management Research

December 2016 Vol. 2(10), pp. 163-179

ISSN: 2985-8860

Copyright 2016 Pyrex Journals




Full Length Research Paper


Impact of Monetary Policy on the Economy of Nigeria


Abdulazeez Mohammed Nasko

Capital Science Academy, Kuje, Abuja, Nigeria.

Corresponding Author E-mail: abdulnasko@yahoo.com

Accepted 23rd December, 2016



Abstract


This study examines the impact of monetary policy on economic growth in Nigeria. The study uses time-series data covering the range of 1990 to 2010. In concluding the analysis, multiple regressions were employed to analyze data on variables such as money supply, interest rate, financial deepening and gross domestic product. They were all found to have marginal impact on the economic growth of Nigeria. The study shows further, the aims and objectives of monetary policy, which includes price stability, maintenance of balance of payment equilibrium, full employment and economic growth. In summary, the study found marginal impact on growth due to change in monetary policy application. The study recommends that to fasten up the rate of growth of the Nigerian economy, the government needs to initiate and push forward effective and efficient monetary policy measures via money supply, interest rate and financial deepening in order to adequately stabilize prices, reduce poverty and inequality there by encouraging holistic macroeconomic growth.

Keywords: Economy, policy, Nigeria, management, monetary.

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