THE EFFECTIVENESS OF MONETARY POLICY TOOLS IN CONTROLLING INFLATION IN NIGERIA


THE EFFECTIVENESS OF MONETARY POLICY TOOLS IN CONTROLLING INFLATION IN NIGERIA

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TABLE OF CONTENTS
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Abstract vi
Table of content vii

CHAPTER ONE
Introduction 1
1.1 Background of the study 1
1.2 Statement of the study 2
1.3 Objective of the study 4
1.4 Significance of the study 4
1.5 Limitations of the study 6

CHAPTER TWO
2.1 Review of related literature 7
2.2 Objective of monetary policy 10
2.3 Instruments of monetary policy 11
2.4 Inflation in nigeria 14
2.5 Type of inflation 16
2.6 Causes of inflation 17

CHAPTER THREE
Research design and methodology 19
3.1 Source of data 19
3.2 Secondary data 19
3.3 Location of data 19
3.4 Methods of data 20

CHAPTER FOUR
4.1 Findings 22

CHAPTER FIVE
Recommendations and conclusion 25
5.1 Recommendations 25
5.2 Conclusion 26
Bibliography 27

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY
In Nigeria the central bank which is at the apex of the banking apples a variety of policy measure and technique with which to control and regulate money and credit in other to attain the desire for necessary to sue the package of discussing the efficiency or other wise of general economic management strategies.
Government policy statement clearly revered that inflation become a problem in Nigeria about early 1970s.
The contention can be sustained further by the fact that the economic began to experience double digit rate of inflationary from the early part of the decade probably the power of the inflation is not peculiar to Nigeria government, But it is generally problem confronting Nigeria government to attain a higher level of economic development as the period generally lead to inflation any spiral in the country.
But whether inflation in Nigeria is due to monetary mismanagement on the part of the authorities concerned or caused by inherent structure deficiency still remain uncertain, many factors have been identified to be responsible for inflationary pressure in the economic in a symposium in Nigeria held sometime go, mot of the participants stressed on money supply nature of government expenditure limitation in real output and the influence comported as the major causes inflation in Nigeria.
In the process of formulating monetary policy, it is of government.

1.2 STATEMENT OF THE PROBLEM
Many attempts have been made by the Nigeria authorities to attain higher rates generally being accompanied by certain digress of price increase in recent into years.
The phenomenon developed into several and pronged inflation and stagflation indeed, it is increasingly being recognized that a process of rapid economic growth is likely to provoke inflation and pressure.
However, whether the problem of inflation in this country is due to mismanagement of monetary policy tools structural deficiencies still remain a contriver sail mother.
During the last decade, the problem of inflation or reflation to economic growth and development have been extensively discussed. This problem is not peculiar to Nigeria, but has ashamed global phenomena on. It is generally agreed world wide that inflation is socially

ABSTRACT

The study examined the effectiveness of monetary policy in controlling inflation in Nigeria. In the model specified, inflation is the regress and while cash reserved requirement, liquidity ratio, money supply, minimum rediscount rate and interest rate are the regressor. Data was collected from CBN statistical Bulletin . The statistical techniques used for the analysis is the ordinary least square technical with the aid of E-view 5.0 software package. The research indicates that monetary policy adopted in Nigeria within the period under review failed to influence the inflation rate. It has been identified that the major problem militating against the poor performance of monetary policy instrument in controlling inflation in Nigeria is time lags involved which makes any policy employed to take many months to achieve its full effect.
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