Impact of monetary policy in controlling inflation in Nigeria

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Abstract

Inflation is a major problem facing Nigeria as a country today. This has led to a reduction in the standard of living of Nigerians. The Central Bank of Nigeria (CBN), however, has made efforts to fight it using different policy measures of which monetary policy is one of them. Thus, this paper focuses on the use of monetary policy to check inflation in Nigeria. The study is based on time-series data from 1970 to 2010.  The study found out that bank rate, deposit with the central bank, liquidity ratio and broad money supply are statistically significant in explaining the change in inflation in Nigeria. The study recommended the need to check the excess reserve of commercial banks, which will help keep money supply at a low level.
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Impact of monetary policy in controlling inflation in Nigeria

3,000.003,200.00 (-6%)

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