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AN APPRAISAL OF THE PERFORMANCE OF MONEY MARKET AS A CATALYST OF ECONOMIC GROWTH IN NIGERIA
ABSTRACT
The impact of money market as a stimulus for economic growth in Nigeria has been increasingly obvious over the years. This study examined the performance of money market as a catalyst of economic growth and development in Nigeria from year 1999 to 2017, the main objectives of the study include; evaluating the contribution of the money market to the economic growth of the country and to ascertaining the impact of money market in financial development in Nigeria. The study utilized secondary data from the Central bank (CBN) statistical bulletin, Federal Bureau of Statistics, CBN and some selected commercial banks statement of account and annual report of various years. The methodology used in the research was ordinary least square method (OLS) which is quantitative in nature, that is, regression was used to analyze the data. Major findings reveal that the money market immensely contributes to the economic growth and development in Nigeria, albeit there are some factors bedeviling its performance like high rate of interest, devaluation of the Nigerian naira, and inflation. It was concluded that a lot is still required in the area of improving the operational efficiency, enhancing the depth and breadth of the market, building regulatory capacity. Thus, the study recommended that Nigerian money market instrument should articulate robust strategies to invigorate multitude and viable investments for sustained economic growth and development in the country.
Keywords: Money Market, Economic growth, Capital Market and Financial Sector