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Research background: There is no consensus among scholars on the interaction effect between money supply, price, and wages despite various studies conducted to that effect. Purpose: This study investigates whether the neutrality of money assumption holds in the long run in Nigeria, using annual data from 1970 to 2018. Research methodology: The study utilized the Johansen cointegration test and the Vector Error Correction (VECM) approach for estimation. Results: The results from the Phillips curve model contradict the classical school of economics assumption that money is neutral in the long run. This implies that in the Nigerian economy, money is not neutral in the long run. The long run Fishers’ effect model shows that the coefficient of LOG (CPI) exhibits a negative sign and is statistically significant at a 5% significant level, thus contradicting the hypothesis which states that a one percent increase in consumer prices will lead to an increase in the rate of interest by one percent. The coefficient of nominal money supply indicates a negative sign and insignificant statistically on the interest rate. The Short-run estimated results showed that the coefficient of the error correction term ECM (–1) indicates a negative sign and is significant statistically in the Fishers’ effect model. The result shows the actual and equilibrium values are corrected with adjustment speeds equal to 31% yearly. Novelty: The study recommends that the Central Bank of Nigeria should ensure an effective implementation of monetary targeting measures in fine-tuning the economy and curbing inflationary pressures.

The study examined budget deficit and economic growth in Nigeria. It specifically investigated the relationship between excess public expenditure, public revenue reduction, inflation rate, unemployment rate and real gross domestic product of Nigeria. This study adopted ex-post facto research design. Relevant data regarding the variables under-study were extracted from the Central Bank of Nigeria (CBN) statistical bulletin. The study period covered thirty-one (10) years spanning from 2009 to 2019, while error correction model was used to analyze the data. The findings revealed among other things that; there was presence of co-integration (long-run relationship) among the variables in the model, excess public expenditure and public revenue reduction has significant relationship with economic growth of Nigeria, while inflation rate and employment rate does not any positive relationship with economic growth of the country in the long run. The study therefore concluded that there is significant relationship between excess public expenditure and economic growth of Nigeria, depending on the variable of interest. Likewise, the study recommended among other things that government should ensure efficiency and effectiveness in the public financial management due to the insignificant influence of inflation rate on economic growth both in the long run and short run which is a pure indication of poor public financial management in the country. Also, the component governments in Nigeria should reduce it public borrowing as it has a significant inverse effect on the economic growth of the country in the long run.

This study examines the impact of fiscal deficit on economic growth in Nigeria for period of 1980 to 2018. Sequel to the mixed level of stationarity of the variables as evidence in the result of the unit root test, this study adopts auto-regressive distributed lag (ARDL) technique and the result of the study shows that fiscal deficit is detrimental to economic growth in Nigeria. This study is in tandem with neoclassical paradigm. The study argues that one of the main reason why fiscal deficit is adversely affecting the economic growth in Nigeria is because of the pattern of her public spending which is heavily skewed in favour of recurrent expenditure which may not stimulate growth. Thus, the study recommends that government should review her pattern of spending to favor productive sector by so doing the economy will strive to greatness. Also, government should minimize her borrowing and look inward for ways to generate revenue. Lastly, if government wants to operate fiscal deficit, it should be only during recession and high unemployment.

The electronic money, digital cloud payments, banknote redesign policies and currency in circulation vis-à-vis relevance of cashless system and technology acceptance theory in Nigeria is a rarely covered topic. Design policies are used by central banks to give direction to the design process of banknotes. The study of the banknote design policies of the past century shows that ‘technology-centred policies’ are gaining popularity. Even cryptocurrencies such as Bitcoin, Ethereum, Facebook’s Diem, Corda, Fabric and Ripple are competing for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement (Chapman, 2021; (Shao et al., 2021; Zhang & Huang, 2021). The sole aim of introducing digital currency is to reduce the volume of physical currency in circulation which in turn destabilizes socioeconomic development of a country (Barontini & Holden, 2019). It is well-known fact that many people and businesses don’t accept innovations especially the ones caused by technology. Finally, from the literatures reviewed, the redesigning of the Naira is for economic reasons which is not limited to reducing inflation, combating counterfeiting, checking financial insecurity and reducing the money in circulation. There has been a wide acceptance of electronic banking in Nigerian banks and technology has become more popular as service offering to customers have become more convenient, thereby, leading to an increase in competitiveness and profitability. There is a swift variation in the method of conducting business globally and in Nigeria, particularly which is borne from advancement in e-banking. Awolusi and Aduaka (2020) has said that it is becoming progressively difficult to satisfy customer expectations. The cashless economy does not imply an outright end to the circulation of cash (or money) in the economy but that of the operation of a banking system that keeps cash transactions to the barest minimum.