This study examined the influence of monetary policy rate on the misery index in Nigeria during the time frame of 1986-2023. To attain the objectives of the study, regression analysis using multiple linear model consisting of independent variable (monetary policy rate, CBN liquidity ratio, money supply and exchange rate) and dependent variable (misery index) were adopted for the study. An estimating technique using ordinary least squares (OLS) was applied to execute an empirical research using the stated model. The Augmented Dickey-Fuller (ADF) procedure was applied to test time series data stationery.  Data was extracted from publications of the Central Bank of Nigeria (CBN) statistical bulletin and the National Bureau of Statistics bulletin for various years. The research determined a non-significant influence of monetary policy rate, CBN liquidity ratio, money supply, and exchange rate on the misery index in Nigeria (t = 1.440050, r² = 0.021467, adjusted r² = -0.097143, Durbin-Watson stat. = 1.470765, p > 0.05). Thus, the null hypotheses were not rejected. The result also showed that the Nigerian misery index was explained by 21% variance in the independent variables. It explains that monetary policy rate, CBN liquidity ratio, money supply, and exchange rate were not important predictors of the misery index in Nigeria.This implied that monetary policy rate, CBN liquidity ratio, money supply and exchange rate have no substantial influence on the misery index in Nigeria. It was recommended that the Central Bank of Nigeria should reevaluate monetary policy rate policies to stimulate investment and reduce poverty and also improve the effectiveness of banks in providing credit by adjusting reserve requirements and promoting lending to productive sectors.

Keyword:  Exchange rate, CBN liquidity Ratio, Misery Index, Monetary Policy Rate, Money Supply.