Associate Professor Abdullahi Dauda PHD, Embugus Abraham PHD, Yakubu Musa PHD
University of Lafia, Nasarawa State, Nigeria.
Abstract
The objective of this study is to assess the impact of Central Bank of Nigeria’s monetary policy on Nigeria’s economic development, West Africa. Data were collected using adapted instrument (questionnaire) on past research related to CBN monetary policy on economic development. Furthermore, sample size for this study was 53 employees of CBN with the population of 148 covering both junior and senior staff. Hypotheses formulated for this study were in null form and tested using ordinary least square method of analysis. The tested hypothesis for the relationship between interest rate and economic development in Nigeria showed significant impact on the economic development. While tested hypothesis for the relationship between exchange rate and economic development in Nigeria indicated significant impact on the economic development. It was concluded that the CBN as a Federal Government financial institution could use these monetary instruments among other instruments to achieve economic development for the country. This will encourage inflow of Foreign Direct Investments (FDI) and employment generation in Nigeria. The study recommended that for the Federal Government of Nigeria to attain its desire objectives of economic development, it has to rely on the CBN to pursue its economic policies through the instrumentality of the CBN to achieve its objectives. This will transform her economy,make her strong and competitive among other economies of the World.
Published
March, 2025
ISSUE
VOL.5.NO.1
Citation
Associate Professor Abdullahi Dauda PHD, Embugus Abraham PHD, Yakubu Musa PHD (March, 2025). Assessing the Impact of Central Bank of Nigeria’s Monetary Policy on Nigeria’s Economic Development, West Africa. International Journal of Marketing and Management Sciences,(VOL.5.NO.1), 402 - 414.
APA format
Associate Professor Abdullahi Dauda PHD, Embugus Abraham PHD, Yakubu Musa PHD. "Assessing the Impact of Central Bank of Nigeria’s Monetary Policy on Nigeria’s Economic Development, West Africa." International Journal of Marketing and Management Sciences, vol. , no. VOL.5.NO.1, March, 2025, pp. 402 - 414.
MLA format
Associate Professor Abdullahi Dauda PHD, Embugus Abraham PHD, Yakubu Musa PHD. March, 2025. "Assessing the Impact of Central Bank of Nigeria’s Monetary Policy on Nigeria’s Economic Development, West Africa." International Journal of Marketing and Management Sciences , no. VOL.5.NO.1: 402 - 414.
Chicago format
Associate Professor Abdullahi Dauda PHD, Embugus Abraham PHD, Yakubu Musa PHD (March, 2025). "Assessing the Impact of Central Bank of Nigeria’s Monetary Policy on Nigeria’s Economic Development, West Africa." International Journal of Marketing and Management Sciences, vol. , no. VOL.5.NO.1, pp. 402 - 414.
Harvard format