Monetary Policy and Nigeria's Economic Development

Abstract

This study investigated the impact of monetary policy instruments on theeconomic development of Nigeria, using multiple regression technique. Itwas found that cash reserve ratio was significant in impacting on theeconomic development of Nigeria at both 1% and 5% levels of significance,treasury bill at 5.6%, minimum rediscount rate at 7.4% and liquidity rate at7.7%, while interest rate was not significant at all. It is recommended thatthe country pursues vigorously the development of the money and capitalmarkets so that the monetary policy instruments would be allowed to playmore positive impact in addition to combining them with fiscal policies