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PROJECT TOPIC: AN APPRAISAL OF MONETARY POLICY AS REGULATORY TOOL FOR ECONOMIC DEVELOPMENT IN NIGERIA

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Nwankwo (1974) defined monetary policy as the measure or a combination of measures designed to influence or regulate the volume, price and direction of money and credit to achieve rationally stipulated objective.

Similarly, Uzoaga (1982) viewed monetary policy as the management of the expansion and contraction of the volume of money in circulation for the specific purpose of achieving , certain declared national objective. Farmess (1975) also sees monetary policy as “one which aims at influencing economic activities by variation in the supply of money in the availability of credit or interest rates”. While Okaloku (1979) sees it as deliberate action on the part of monetary authority as regard to the cost, i.e. interest rate, for achievement of certain set of economic objectives.


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