Economic and Financial Review


Central Bank of Nigeria, Research Department


Economic policy trilemma, Financial integration, capital control, Monetrary policy, Financial stability, Exchange rate management, Internal reserves, Inflation, Nigerian


This paper considers the choice and trade-offs that Nigeria's economic policymaker face when deciding on the simultaneous combination of monetary policy exchange rate management, and financial openness policies to adopt- the monetary policy trilemma. The paper finds empirical evidence of the monetary policy trilemma for Nigeria, implying that there is indeed a tradeoff among monetary independence, exchange rate stability and financial integration.





Recommended Citation

Oshikoya, T. (2014). Economic policy trilemma and exchange rate management in Nigeria. CBN Economic and Financial Review, 52(4), 125-153.



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