This paper systematically reviews empirical studies on money demand in Nigeria from 2019 to 2025. It captures the impact of economic turbulence, such as high inflation, in analysing the determinants and patterns of money demand. Gaps in the existing literature are highlighted, including a lack of recent data and a dearth of broader comparative analyses. The systematic review involves categorising the studies according to measures of money demand, theoretical frameworks, and methodologies used, and draws out important policy implications. Key findings show that real income is a significant contributing factor to money demand, whereas inflation has a negative effect. Evidence on interest rates varies, reflecting nuances in Nigeria’s financial markets. The influence of financial innovations, especially digital channels, ranges widely. Comparative insights reveal Nigeria’s unique challenges such as oil dependency and exchange rate volatility. The study concludes with actionable suggestions for future research to strengthen Nigeria’s monetary policy formulation.
Adewale et al. (2026) studied this question.
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