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