International records / OpenAlex research

Monetary Policy Instruments and Inflation Control in Nigeria

The study examines the impact of monetary policy instrument on inflation control in Nigeria during the period from1981 to 2021. In doing this, the ARDL approach to Cointegration and error correction modeling was employed to investigate the effectiveness of three monetary policy instruments, namely the monetary policy rate (MPR), the liquidity reserve ratio (LRR) and Exchange Rate (EXR) in the control of inflation in Nigeria in the short run and long run. The short-run and long-run effects of LRR on inflation was not significant even though it had a depressing effect on inflation in the short-r…