Economic and Financial Review


Central Bank of Nigeria


Inflation, Nigeria


This paper analyses the main factors which influence inflation in Nigeria with a view to determining the relevant policy instruments that will reduce it. The empirical analysis confirms the findings of earlier studies that monetary expansion significantly influences the rate of inflation in Nigeria. The other dominant factor is the exchange rate which has a significant and positive impact on inflation. Growth in real income and level of rainfall are also significant in explaining inflation in Nigeria.

Author Bio

Mrs. O.M. Fakiyesi is a Senior Economist in the Research Department of the Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Fakiyesi, O. M. (1996). Further Empirical Analysis of Inflation in Nigeria. CBN Economic and Financial Review. 34(1), 489-500.



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