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This paper empirically investigates the impact of monetary policy shocks on financial
inclusion in Nigeria using the Vector Autoregression Model (VAR). Time series quarterly
data were employed to conduct the analysis and the findings of the study reveal that shocks
to minimum rediscount rate, interest rate, broad money supply and deposit rates of deposit
banks all have significant impact on financial inclusion in Nigeria, however not at the same
time and magnitude. Thus, the paper recommends the implementation of policies that will
encourage innovations and competition in the banking industry. Also, there is need to adopt
effective monetary policy measures that will increase financial inclusion in the country.
