MONETARY POLICY EFFECT AND NIGERIAN ECONOMIC GROWTH
Abstract
ABSTRACT
This study looked at how monetary policy affected Nigeria’s economic growth from 2000 to 2023 using OLS regression and CBN data. The results show that money supply and exchange rate support economic growth, while inflation reduces it. Interest rate and monetary policy rate did not show any meaningful impact. The study also found a long-term link between monetary policy and growth, with some causal relationships among the variables. It recommends careful expansion of money supply, stable exchange rate management, and strong policies to control inflation.
Keyword: Gross Domestic Product, Monetary Policy Rate, Interest Rate, Inflation Rate, Money Supply, Exchange rate.
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