INFLUENCE OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA

The study empirically investigated the influence of monetary policy on economic growth in Nigeriafrom 1982-2023. To facilitate the study an econometric model was specified wherein economic growthwas proxy with gross domestic product (dependent variable), while monetary policy variables suchmoney supply, cash reserve ratio, monetary policy rate, financial deepening and inflation were used asthe dependent variables. Data were collected from CBN statistical bulletin and analysed with ordinaryleast square regression analysis. The result showed that money supply positively influences economicgrowth, whereas financial development negatively and significantly influences economic growth. It wastherefore recommended among others that there is need for government to initiate and push forwardeffective and efficient monetary policy measures to adequately stabilise prices, reduce poverty andinequality by encouraging holistic macroeconomic growth.