Financial System Development Amid of Price Volatility: The Known and Unknown about Nigerian Inflation

Authors : UKPABI, Innocent Ogbu; IYODO, Baba Yaro; ODUMU, Victor Ato

Volume/Issue : Volume 6 - 2021, Issue 10 - October

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This study established short and long run relationship between money supply, credit to the private sector and inflation rate in Nigeria, 1990 to 2020. The ARDL results revealed that credit to the private sector (CPS) had positive and non significant impact on inflation rate in Nigeria. Money supply (MS) had positive and statistically significant impact on inflation rate. The policy implication confirms that money supply and sectoral allocation of credit to private sector remains a veritable monetary policy instruments to attend economic objective of price stability. Based on the results, researchers recommend that timeframe of any monetary policy should be monitored to achieve such police objective than been defeated by implementation lag, and monetary authority should entrench plausible monetary policy instruments for optimal money supply and allocation of more funds to private sector of the economy to curb persistent price volatility.

Keywords : Financial System, Development, Price Volatility and Inflation


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