This study examined the effect of Monetary Policy on the economic growth of Nigeria from 1990-2011, using Interest rate, Cash reserve ratio, Liquidity ratio, Exchange rate and Monetary policy rate as proxy for Monetary policy and RGDP as proxy for Economic growth. The study used the secondary data from CBN Statistical Bulletin. Ordinary Least Square with SoftwarePackage for Social Science (SPSS) was used as data analyses method. It was revealed from the findings of the study that interest rate and liquidity ratio has negativerelationship with GDP while exchange rate, cash reserve ratio and monetary policy rate has positive relationship with GDP. The findings also confirm the Classical Monetary Theories that was built on the availability of money as a means of managing the economy and controlling inflation. The study recommend for proper implementation, application and timing of monetary policy to achieve the macroeconomic objectives of growth.