IMPACT OF MONETARY POLICY ON THE ECONOMIC GROWTH OF NIGERIA
Abstract
The study examined “Impact of Monetary Policy on the Economic Growth of Nigeria”. The study incorporated monetary policy as the independent variables, while, economic development is measured by exchange rate, gross domestic product, price stability and internal revenue. Using the least square method, the results revealed that Nigerian economy as represented by the economy indicators above are experiencing relatively consistent and steady growth over the period of study. However, the result therefore means that there is a significant relationship between price stability, exchange rate, interest rate and economic growth in Nigeria. Similarly, the result therefore means that there is significant relationship between causal relationship between monetary policy and economic growth in Nigeria. The government should review its monetary policies through the Central Bank on its instruments to boost the economic growth in Nigeria. While Central Bank of Nigerian (CBN) should encourage more value of the Nigeria naira value to foreign currency in order to increase the foreign reserve of the Nigerian economy, which in turns will affect economic growth in Nigeria.
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