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November 24, 2020. This paper reviews key aspects of Nigeria’s fiscal and monetary policies with the aim of examining the performance of the policies. 38 of 1998,1999 and CBN Act of 2007. 24 of 1991, CBN Decree Amendments 1993,No. This This paper discusses the evolution of monetary policy in Nigeria in the past four decades. – Moreso, political instability has also been attributed to one of the problem confronting central bank of Nigeria (CBN) in achieving price stability through the use of monetary policy. 4 of 1997,No. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) Nigeria Economic News. 1.3 OBJECTIVE OF THE STUDY The main purpose of this research work is to evaluate the monetary policy in Nigeria. Monetary policy in Nigeria has evolved over time. 1.5 SIGNIFICANCE OF THE STUDY However, this research work will assist the economy to derive possible solution to the research problem e.g. During the early years of independence (1961-64), which coincided with the second development plan, monetary policy actions were focused on the establishment of a strong financial base and the promotion of domestic financial infrastructure, such as the money and capital market institutions. Objectives and Targets of Monetary Policy In the Nigeria the major objectives of policy are the attainment of price stability and sustainable economic growth. In pursuing these objectives, the CBN recognises the existence of conflicts among control of inflation using monetary policy measures as adopted by the monetary authorities of the Central Bank. ... which in turn impacts on the ultimately or final objective of monetary policy, i.e., inflation and output. Therefore, the problem under study is the application of OMO as an instrument of monetary policy in Nigeria. It is deal to have an insight into how the monetary policy is formulated in Nigeria for a comprehensive understanding of this study. Overall, the socio-economic and political milieu, including the legal framework under which the Central Bank of Nigeria has operated, was found to be the critical factor that influenced the outcome of monetary policy. Associated objectives are those full employment and stable long-term interest rates and real exchange rates. Hi3: Central Bank of Nigeria’s monetary and credit Policy guidelines and money supply do have impact on the level of outputs. 3 of 1997,No. Specifically, the existence of fiscal dominance, a persistent liquidity overhang, … 37 of 1998,No. Nigeria: Central Bank stays put in November. 1.2 AIM AND OBJECTIVES OF THE STUDY. 1.1 MONETARY POLICY FORMULATION . The statutory power of CBN to formulate monetary and financial policies derived from the Central Bank of Nigeria (CBN) Act of 1959 as amended in decrees 24 and 25 of 1991. At its 23–24 November meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria unanimously decided to maintain the monetary policy rate unchanged at 11.50%, in line with market expectations and on the heels of the second cut this year delivered at the previous … The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. The research work provide a background to the origin and formation of Monetary policy in fighting inflation and highlighted the major functions and activities performed by the Central Bank of Nigeria in order to achieve their main objectives. 2.2.1 objective of monetary policy in nigeria 2.2.2 recent development of the nigeria monetary policy 2.2.3 pre-structural adjustment programme (sap) monetary policies in nigeria 2.2.4 post-sap monetary policies in nigeria 2.2.5 the impacts of nigeria’s monetary … In Nigeria, the major objectives of policy are the attainment of price stability and sustainable economic growth. 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