This paper aims to ascertain the monetary policy instruments of the Central Bank of Nigeria (CBN) during and after the bank consolidation exercise (2000 – 2016) and determine the effects of these policies on the financial performance of deposit money banks (DMBs) in Nigeria. An Autoregressive Lag Model (ADL) analysis of secondary data obtained from the CBN Statistical Bulletin, 2016 shows that monetary policies of the CBN had a significant effect on the performance of DMBs in the short-run but an insignificant effect in the long-run.
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