Monetary Policy Measures as Instruments of Economic Stbilization in Nigeria

Ezeamama Martin C, Ugwu Kevin Okoh, Ben-Ike Elochukwu. C

Abstract


This study set out to examine the impact of monetary policy measures as instrument of economic stabilization in Nigeria. An ex-post facto research design approach was adopted for the study.  The population of this study comprise of all the developed and developing economies of the different countries worldwide. Using panel data for the period of ten (10) years (2005 to 2014), Nigerian economy was chosen as the sample size. Longitudinal time series data on variables of interest; money supply (MOS), interest rate (INTR), treasury bill rate (TBR) and inflation rate (INFR) were drawn from the CBN Bulletin for the period of ten (10) years (2005 to 2014. The data collected were presented ant analyzed using tables. Three hypotheses were formulated and tested in the course of this study. Pearson Product Moment Correlation Coefficient was used to test for statistical significance of the relationship between monetary policy measures corporate capital structure and economic stabilization. The results showed that there is significant relationship between Money supply and inflation rate in Nigeria. The findings further revealed that there is no significant relationship between interest rate and inflation rate in Nigeria. Finally, the result established also that there is significant relationship between Treasury Bill Rate and inflation rate in Nigeria. Consequent upon the findings, this study recommends among others; that the central Bank of Nigeria should continue to focus on controlling the growth of the money stock through a restrictive monetary policy.


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