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ABSTRACT
This study investigates the macroeconomic determinants of banking sector development in Nigeria. The study was embarked upon given the pivotal role played by the banking sector in the growth process of developing countries, like Nigeria were the banking sector is the main pillar of financial system. Time series data on banking sector development, economic growth, trade openness, inflation rate and monetary policy rate from 1990 - 2021 were extracted from the CBN Statistical Bulletin and analyzed using descriptive statistics, correlation analysis and OLS regression techniques and the data were estimated with the aid of Eviews 9.0 econometric statistical software. Overall, findings from the study seems to provide evidence that monetary policy rate is a critical factor that influences the development of banking sector in Nigeria while economic growth, trade openness and inflation rate were found not to play a critical role in the development of banking sector in Nigeria. The study recommends that banks in monetary authorities should reduce the current monetary policy rate since it is inimical to the development of the banking sector in Nigeria.
