Currency substitution, financial innovation and monetary policy effectiveness in Nigeria
( Pp. 107-116)

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Abstract:
This research work reviewed the currency substitution, financial innovation and monetary policy effectiveness in Nigeria. The objectives of this study are to determine the impact of financial innovation on inflation and the impact of currency substitution on inflation in Nigeria using the time series data. This paper employed the Ordinary Least Square (OLS) regression method in estimating the specified equation, statistical tests such as the t and F-statistics, adjusted R2, and the econometric criteria in which the Durbin-Watson test is used to assess the estimates for the presence of auto-correlation. Findings from the research shows that financial innovation does not have a significant impact on inflation in Nigeria and also currency substitution does not have a significant impact on inflation in Nigeria.
How to Cite:
Ofem L.U., (2021), CURRENCY SUBSTITUTION, FINANCIAL INNOVATION AND MONETARY POLICY EFFECTIVENESS IN NIGERIA. Economic Problems and Legal Practice, 2: 107-116.
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Keywords:
Currency Substitution, Financial Innovation, Monetary Policy Effectiveness, Inflation.