This research focuses on monetary policy framework in Nigeria issues, problems and prospects (1995 – 2012). Monetary policies serve as an avenue through which the central bank influences the state of the economy and takes care of the flow of currency in the economy and ensures stable growth. The Nigeria economy has been characterized with series of disturbances which include; consistent rise in prices, inflation and unemployment, to this effect, this study, seeks to find out the issues and problems facing the monetary policy in effectively controlling and stabilizing the economy and proffers possible solutions. In the study, GDP was regressed on money supply. Secondary data was used, collected from Central Bank of Nigeria (CBN) statistical bulletins to estimates the statistical relationship. The findings from the study showed that money supply has positive and significant impact on gross domestic product. It was concluded that CBN monetary policy play significant role on the growth of Nigeria economy. Also, that Inflation is persistent in the economy because Nigeria is operating far below full employment equilibrium and the increase in GDP does not translate to improved purchasing power because poverty index has continued to worsen over the years. This study therefore recommended that the Nigerian financial system should be made more effective in its monetary management by making all financial markets organized so as to accentuate the effects of monetary policy variables, the central bank should endeavor to improve on its current performance in producing accurate and credible balance sheet information in a timely manner, they should also estimate properly the length and variability’s of lags that affect policies, government should introduce a specification of the financial structure that is richer than the existing ones and the monetary authorities should develop a money stable policy that would propel the economy towards a positive end.
Monetary Policy Framework in Nigeria Issues, Problems and Prospects
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