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SUMMARY
Actualizing stock market stability and development, especially in the long run, has been a veritable goal of every monetary authority around the world. The avid pursuance of this goal everywhere has not made it easier to achieve, rather, achieving market development coupled with stock price stability has become 69 even dicier. In this study, it has been shown that the use of monetary policy is not very successful in achieving stock market development, especially in the long run. Moreover, there does not seem to be a synergy among the various monetary policy tools in achieving stock market development in Nigeria. The weakness of the effectiveness of monetary policy in achieving this objective and restoring, to a reasonable extent, macroeconomic stability as well as inducing sustainable growth in the market and the economy at large is attributable to policy distortions and inconsistencies which have been brought about by flaws in design as well as poor implementation. The implementation problem is often linked with lack of political will.
