Adediran , noted that since the establishment of CBN in , the objectives of the CBN is written in section 18 of CBN ordinance have remained widely the same, but the strategies and arrangement for achieving such objectives have changed, in character and scope. In order to achieve this set of goals, a choice has to be made on the use of desirable instruments in light of prevailing economic circumstances in which the monetary policy is being implemented. An important point worth stressing from the policy point of view, is the empirical fact that a close relationship is found to exist between money supply and nominal income in all countries...
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