The study set three major objectives which include determine the relationship between economic growth, inflation and unemployment, analyses the effects of inflation in ten (10) selected members of ECOWAS and assess the effects of unemployment in the selected members states. Secondary data obtained from the Member's State National Statistics offices was used for the paper. The study used a model in which inflation and unemployment were the dependent variable and independent variables. The analytical technique used includes ordinary least square (OLS) technique, F-test. The paper showed that monetary and fiscal policy were effective in the control of the inflation and unemployment since the coefficient of determination (R 2 =0.50 or 50% was significant. This was re-confirmed by the F-test value (4.91). The paper recommends a policy redirection to improve output in the ten (10) selected member's states; this will occur by making efforts to increase productivity, which will lead to reduction in unemployment and inflation. To curb the surging rate of unemployment, efforts must be put in place to achieve a labour intensive method of production instead of concentrating on the capital intensive method which will take away jobs that individuals can do. Furthermore, there must be concrete efforts to ensure that the porous borders in the ten (10) selected members states are well managed to increase volume of economic activities among the members' States, which is very pivotal for the reduction of unemployment and inflation; thereby improving the level of local production.

This paper examined the response of foreign portfolio investment to Monetary Policy decisions of the Central Bank of Nigeria using monthly data spanning January 2007 to December 2018. The study adopted the Toda-Yamamoto Causality model and Generalized Impulse Response Function for analysis. The results showed that changes in monetary policy stance could only impact the behavior of foreign portfolio investment with 6-month lag and with marginal impact. This implies that monetary policy could still be effective even if the CBN decides to lose policy stance without losing significant capital flight. The conclusion from the findings is that monetary policy is just a signaling instrument for portfolio investors in Nigeria because it influences foreign portfolio investment through the Treasury bill rate rather than through MPR and CRR. The marginal response of investment due to changes in policy rate from the GIRF validate the TY results by indicating that monetary policy rate changes on its own may not be what investors are concern about, rather the expectation of the rates future path. The cash reserve ratio as a monetary policy tool does not seem to exert any impact on foreign portfolio investment.

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