the effeciency of central bank in combatting the monetary inflation in nigeria

Abstract

This work grew up as a result of the deep dissatisfaction with the present growth rate of inflation in the Nigeria economy and the need for an efficient policy measure to cumb its excessiveness. Monetary policy is one of the instruments used by the nation to accelerate economic growth. Nigeria policy makers and monetary authorities have therefore been much concerned with the use of monetary policy techniques to direct the economy towards the desired end. It is quite apparent that despite the efforts of monetary authorities to minimize the inflation growth through the manipulation of money and credit, the persistent rise in prices has been on the increase. This study therefore, essentially examines the use of monetary policy tools for controlling inflation in Nigeria and attempts to identify some of the key factor's, which constrain on enhance the achievement of monetary policy objectives. A regression analysis was attempt to buttress our findings. The results showed that increases in money supply per se do not explain sufficiently enough. A.tatiouitry tendencies currently been experienced in Nigeria. There are other significant causes of inflation, which the authority must take into serious consideration in its attempt to combat inflation.