Purpose: The study explored monetary policy effect on inflation stabilization in Nigeria. Increasing levels of indebtedness may have reduced the fiscal space for fiscal policy intervention and this leaves monetary policy as the real tool of choice for macroeconomic stabilisation. The question we need to ask then is, how effective is this tool of choice?Methodology: Monthly time series data from 2009-2018 were used in estimating the model. The ADF test for the stationarity, the johansen cointegration test and the vector error correction model were utilized in testing the variables. The findings from the unit root test did indicate stationarity at first difference 1(1). The cointegration (Johansen) test indicates that there was a nexus linking inflation and all the regressors adopted in the long term.Findings: The result of the VECM for the two estimated models shows a self-equilibrating mechanism of 14 per cent and 32 per cent for the first and second models respectively. The findings further reveal that the variables; liquidity ratio, policy rate (MPR), exchange rate, reserve requirement and treasury bills rate all had an effective impact on the inflation rate and that that effect was very significant.  Hence, the CBN's monetary policy shocks do seem to have the expected traction on the Nigerian economy.Unique Contribution: The results make it pertinent for the CBN to utilize all the policy measures adopted in order to keep inflation within acceptable thresholds and prepare to keep inflation within the targeted range of 6-9 per cent, no matter the anticipated or unanticipated strong head winds.

Purpose: This paper investigated the impact of the CBN’s intervention in the private sector as reflected in such interventions impact on the gross domestic product of the country.Methodology: The econometric methodology adopted in this study is the error correction methodology (ECM), it tested the short-run dynamics of the estimated model. The long-run test utilized was the Johansson cointegration test on the gross domestic product (GDP) as the dependent variable and inflation, credit to the private sector and the exchange rate as the explanatory variables. The data (secondary) was sourced from the CBN statistical bulletin and the banks websiteFindings: Findings from the study show that credit to the private sector had a positive, but insignificant impact on GDP at the 5 and 10 per cent level of significance. The prime lending rate that was used as a proxy for interest rate showed a negative but insignificant impact as was the exchange rate even at the 10 per cent level of significance. However the inflation rate had a negative, but significant impact on the gross domestic product. The increase in private sector credit administration through the various interventionist programmes of the CBN may not have translated into increased GDP growth for the period under study. Inflation was not moderated as was expected, in line with some previous research findings that were an allusion to the consequence of sub-optimality and the resultant perplexity. The CBN needs to reassess the impact of its numerous interventionist programmes to see how they can have effective traction on the economy as anticipated and adopt essential approach for Nigeria with a post oil economy in view.