MONETARY POLICY AND ECONOMIC GROWTH IN NIGERIA (1985-2020)
Abstract
ABSTRACT
This study is carried out to investigate the impact of monetary policy instruments on the growth of Nigeria economy. Secondary data were used for this analysis and they were sourced from Central Bank of Nigeria statistical bulletin, the time frame ranges from 1985 to 2014. Gross domestic product at current basic market price was the dependent variable used to represent growth in the Nigeria economy while money supply, exchange rate, discount rate, inter-bank rate and open market operation represented by lending rate are used as the independent variables. The data are presented in tabular form for clarity purpose, On the other hand data analysis was done using Statistical package for social sciences (SPSS) statistical techniques. Of time series data obtained from the CBN statistical bulletin for a thirty (30) year period between 1985 and 2014. Having investigated the relationship between monetary policy instruments and the growth of the Nigeria economy, and applied the result obtained as described the researcher draws a conclusion that the major monetary policy instrument thus; exchange rate, discount rate, money supply, open market operation, and inter-bank rate all have a significant impact on economic growth in Nigeria, but while other variables have positive impact on economic growth in Nigeria, exchange rate have a negative impact on the growth of the Nigeria’s economy.
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