The impact of interest rate on selected macroeconomic variables

Interest rates play important role in controlling major macroeconomic variables. The primary role of interest rate is to help in the mobilization of financial resources and to ensure efficient utilization of resources for the promotion of economic growth and development (CBN 1970). This study was embarked upon with a view to determining the impact of interest rate on selected macroeconomic variables in Nigeria. Data were sourced from CBN, Securities And Exchange Commission, Nigeria and NDIC. Data covered a period of 41 years (1970 to 2010) and analyzed electronically with SPSS 23.0 using the multiple regression model.