Economic and Financial Review


Central Bank of Nigeria


Money Stock, Nigeria


The paper is divided into five sections. Section I reviews Central Bank's monetary control measures as adopted since 1959 thus highlighting the successes and limitations of the Policy instruments. Section II presents a brief review of the controversy between the "monetarists" and the " fiscalists" so as to provide some theoretical underpinnings for this study, while Section III actually deals with the specifications of the behavioural functions. The empirical results are presented in Section IV and the last section summarises the findings and the conclusions thereupon.

Author Bio

The authors are staff of the Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Akinnifesi, E. O. & Phillips, Toyin (1978). The Determinants and Control of Money Stock in Nigeria. CBN Economic and Financial Review. 16(1), 26-38.

Included in

Finance Commons



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