THE IMPACT OF MONETARY POLICIES IN THE DEVELOPMENT THE NIGERIA ECONOMICS

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND OF STUD:

This project is primarily concerned with analysing the role or impact of monetary policy in the development of the Nigerian financial system. But with central bank in mind, monetary policy is the process by which government, central bank and monetary authority of a country controls,

i.             The supply of money.

ii.            Inflation

iii.           Cost of money or rates of interest

iv.          Availability of money.

In order to attain a set of objectives oriented towards the growth and stability of the economy. It is necessary to know or have a clear definition of the term monetary policy.

Monetary policy has been defined by Layi Afolabi (1999) as the management of expansion and correction of the volume of monetary incubation for the specification of achieving certain declared motional objectives.

Therefore, monetary policy enables the financial sector to direct the flow of funds in the required channel and by providing institutional facilities for credit in some specific fields of economic activities.

Today, monetary policy remains a powerful weapon through which financial institutes thus the central bank controls various variables.

1.2    STATEMENT OF RESEARCH PROBLEM:

As had been known, that any economic activity that has a positive effect must have its negative effect.

          Monetary policy has become more valuable these days when the economy and other conditions pose challenges to the financial system. The idea behind this research study is therefore to highlight the problems or limitations present in the Nigerian financial system. Because the growth performance of the Nigerian economy, has until recently been sustained at a relatively high level due largely to sustenance of macroeconomic stability all owned to the effective conduct of monetary policy.

          When financial institutes or the Nigerian financial system is in a downturn and economic activities and economic growth remains stagnant, it may be as a result of lack of effective utilization 

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