THE IMPACT OF MONETARY POLICY ON AGRICULTURAL OUTPUT IN NIGERIA FROM 2000 TO 2022

Abstract

This paper examined the impact of monetary policy on agricultural output in Nigeriafrom 2000 to 2022. Specifically, the objective of the study includes to: examine the impact of broad money supply on agricultural output in Nigeria, ascertain the impact of exchange rate on agricultural output in Nigeria. The data utilized for the study were extracted from the Central Bank of Nigeria statistical bulletin. The study adopted ordinary least square multiple regression approach for the analysis of the data. The findings of the study revealed that broad money supply had positive andsignificant effect onagricultural output in Nigeria, exchange rate had positive and significant effect onagricultural output in Nigeria. Thus, the study concludes that monetary policy has a positive and significant impact on agricultural output in Nigeria. The study recommends that government should initiate policies that will enable monetary authorities (CBN) to circulate currency to farmers in other to improve on agricultural output.