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Achieving and Maintaining Price Stability in Nigeria

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  • Nicoletta Batini

Abstract

This paper reviews the historical performance of monetary policy in Nigeria and discusses the relative merits of alternative monetary policy strategies that Nigeria could adopt in the future, once the many operational issues that today obstruct the conduct of monetary policy have been addressed. An analysis of external and fiscal dominance in Nigeria reveals that none of the candidate strategies is particularly appealing although, on various grounds, a long-run target for inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a regime in Nigeria when account is taken for the emerging market features of the economy.

Suggested Citation

  • Nicoletta Batini, 2004. "Achieving and Maintaining Price Stability in Nigeria," IMF Working Papers 2004/097, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2004/097
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    References listed on IDEAS

    as
    1. Mr. Mark Zelmer & Ms. Andrea Schaechter, 2000. "Adopting Inflation Targeting: Practical Issues for Emerging Market Countries," IMF Occasional Papers 2000/017, International Monetary Fund.
    2. Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," NBER Chapters, in: Financial Markets and Financial Crises, pages 69-108, National Bureau of Economic Research, Inc.
    3. R. Glenn Hubbard, 1991. "Financial Markets and Financial Crises," NBER Books, National Bureau of Economic Research, Inc, number glen91-1.
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    Cited by:

    1. Oluwole Alfred Olatunji, 2010. "The impact of oil price regimes on construction cost in Nigeria," Construction Management and Economics, Taylor & Francis Journals, vol. 28(7), pages 747-759.
    2. Ana Lariau & Moataz El-Said & Ms. Misa Takebe, 2016. "An Assessment of the Exchange Rate Pass-Through in Angola and Nigeria," IMF Working Papers 2016/191, International Monetary Fund.
    3. Michael Baghebo & Ebibai Tombra Stephen, 2014. "Monetary Policy and Economic Growth in Nigeria (1980-2011)," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(1), pages 20-32, January.
    4. David Umoru & Harrison Ogbeide Eromosele, 2020. "Growth Stabilisation Effects of Macroeconomic Policy Coordination in Nigeria: An Econometric Analysis," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(1), pages 51-60, March.

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