By Nwabuko Kelechi Kelvin
The study evaluates the impact of monetary policy instruments in achieving monetary policy targets in Nigeria. The study used correlation co-efficient to evaluate monetary policy transmission mechanisms on monetary policy targets such interest rate, inflation rate and exchange rate. The findings of the study show that monetary policy tools have not been effective in achieving monetary policy targets. The researcher attributes this to frequent changes in monetary policy and the level of uncertainty of the Nigerian economy as shown in the review of monetary policies in Nigeria. Based on the findings, the study, recommends for ensuring stable macroeconomic environment, promotion of healthy and competitive financial system, the need to bolster the technical competence of CBN among others.