Linking Inflationary Pressure to the Depth of the Financial System in Nigeria, 1961 to 2022

Ebere Ume Kalu; Queeneth Uchenna Eneoli; Wilfred Isioma Ukpere

doi:10.53555/kuey.v30i6.6330

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Published: Jun 26, 2024

DOI: https://doi.org/10.53555/kuey.v30i6.6330

Keywords:

Consumer Price Index, Monetization Ratio, Bank Development, Nigeria, ARDL

Ebere Ume Kalu

Queeneth Uchenna Eneoli

Wilfred Isioma Ukpere

Abstract

This study investigates the linkage between Consumer Price Index indicators and financial deepening in Nigeria within the time range of 1961 to 2022. Autoregressive Distributed Lag Model is employed, and the study discovers that monetization ratio (BMR) and bank development (CPSGDP) significantly and moderately added to the rate of inflation within the studied period. This resulted from the elasticity of consumer price index to financial deepening activities in Nigeria. It is therefore recommended that appropriate inflation mitigants be introduced along with financial deepening policies so as contain the prejudicial impact of inflation on the financial system.

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How to Cite

Ebere Ume Kalu, Queeneth Uchenna Eneoli, & Wilfred Isioma Ukpere. (2024). Linking Inflationary Pressure to the Depth of the Financial System in Nigeria, 1961 to 2022. Educational Administration: Theory and Practice, 30(6), 3859–3865. https://doi.org/10.53555/kuey.v30i6.6330

Issue

Vol. 30 No. 6 (2024)

Section

Articles

Author Biographies

Ebere Ume Kalu

Department of Banking and Finance, University of Nigeria, Enugu Campus, Nigeria

Queeneth Uchenna Eneoli

Department of Banking and Finance, University of Nigeria, Enugu Campus, Nigeria

Wilfred Isioma Ukpere

Department of Industrial Psychology and People Management, University of Johannesburg, South Africa

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