Vol. 3 - 2026
Nigeria's continued inflation has ramped up the difficult socio-economic conditions, reducing the purchasing power of households and limiting economic stability. Even as the Central Bank of Nigeria (CBN) followed a series of monetary tightening measures from May 2022 to March 2024, inflation has been a persistent challenge, hitting a peak of 34.19% in 2024. Thus, this study investigated the monetary policy and inflation dynamics in Nigeria: perceptions of pre-service teachers in Colleges of Education in Ogun State. This study used descriptive survey research design. One hundred (100) pre-service teachers at the 300 level of Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State were drawn using random sampling. The researcher-validated Questionnaire on Monetary Policy and Inflation Rate Perceptions among Pre-Service Teachers (QMPIRP) was used to collect data. Two research questions were asked and one hypothesis was formulated and tested. The data were analyzed descriptively and by using Pearson Product Moment Correlation (PPMC) at 0.05 level of significance. The results indicated that the tools of monetary policy used by the CBN were regarded as very effective in controlling inflation (x̄ = 3.29, SD = 0.75), but the inflation was perceived as high (x̄ = 3.04, SD = 0.79). There was a positive relationship between monetary policy and inflation rate at significance level of 0.05 (r = 0.539), which was significant. Based on the study, the respondents recognize the importance of monetary policy instruments, but inflation is very pervasive, and supply-side factors are still beyond the effect of monetary policy. It is recommended that there is a fiscal-monetary coordination that is collaborative, public financial literacy is also improved and the structural economic diversification is enhanced.
Monetary Policy, Inflation Rate, Pre-Service Teachers, Central Bank of Nigeria
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