1.1
BACKGROUND OF THE STUDY
The goal of
attaining sustainable economic growth and development has pre-occupied policy
makers the world over. The economic management technique of monetary policy has
therefore been a pursuit of nations since the formal articulation of how money
affects economic aggregates by Adams Smith and the later proponents – the
monetary economists. Since the role of monetary policy in influencing macroeconomic
objectives such as economic growth, price stability, balance of payment
equilibrium, etc became clear monetary authorities have been saddled with the
responsibility of using monetary policy to grow their economies. In Nigeria,
the story is not quite different. Since, the Central Bank Act of 1958 was
promulgated the Central bank of Nigeria, has been saddled with the
responsibility of formulating and implementing monetary policy to enhance
economic growth and price stability.
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