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AN EMPIRICAL ANALYSIS OF THE IMPACT OF MONETARY POLICY ON ECONOMIC DEVELOPMENT IN NIGERIA (1985–2011)
One can easily find a country without monetary policy. As a matter of fact, monetary policy has a solid base in the Nigerian economy. However, in light of various economic problems in Nigeria, it seems that the benefits of monetary policy are not yet fully exploited. The aim of this study is to analyze the impact of monetary policy with Nigeria being the case study. With regard to data analysis, regression analysis was applied. The study examines the effectiveness of monetary policy in the period 1985 to 2011. The study found that the level of effectiveness of monetary policy is strongly influenced by the Central Bank of Nigeria (CBN).