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MONETARY POLICY RESPONSE TO THE EMERGING OIL PRICE SHOCK IN NIGERIA

MONETARY POLICY RESPONSE TO THE EMERGING OIL PRICE SHOCK IN NIGERIA

 

Abstract: The current global sharp decline of oil price raises concern about the responses of monetary policymakers of oil export-dependent countries to the price decline. The paper reviews the monetary policy response and actions by Nigeria’s monetary authorities as gleaned from some macroeconomic indicators of the Nigerian economy. It argues that steep depreciation would not bring in the intended benefits as the economy is mono-culturally dependent on crude oil export for which the country is a price taker. The paper contends that there is a need to build some fiscal buffers to complement monetary policy which is largely effective only at the recovery stage of the business cycle.

JEL classification: E32, E52, E62, H30

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