Abstract
The effect of monetary policy on prices and output in any economy cannot be overlooked. This is germane given the implications on various macroeconomic outcomes. In doing this, the Fully Modified Ordinary Least Squares (FMOLS) method was deployed base on the preliminary findings to test the relationship for Nigeria. Findings revealed that money supply and exchange rate exhibit significant effect on prices and output, while monetary policy rate does not. Also, technological innovation and labour force significantly impacted output while gross fixed capital formation did not, Base on the findings, it is recommended that the central bank implement policies that will ease access to forex, stabilize the exchange rate and lessen the hassles for capital goods import, while regulating money supply and monetary policy rate to stabilize the economy.
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