Economic and Financial Review


Central Bank of Nigeria


Domestic Credit Growth, International Capital Flows, Monetary Policy Management, Nigeria


This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.

Author Bio

Moses Tule is the Director, Monetary Policy Department of the Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Tule, M. K. (2013). Domestic Credit Growth and International Capital Flows: Implications for Monetary Policy Management in Nigeria. CBN Economic and Financial Review. 51(4), 97-127.

Included in

Finance Commons



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