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The study explores the impacts of systematic and nonsystematic monetary policy shocks and how they affect the monetary transmission process in Nigeria from 1986 to 2020 using quarterly data. The objective of the study was to improve the understanding of the systematic and non-systematic monetary shocks and how they affect the monetary transmission process in Nigeria. Data on variables such as monetary policy rate, all-share index, exchange rate, private sector credits, and inflation rate were used to investigate the impact of these shocks on monetary transmission channels. The study adopted methods such as unit root, historical decomposition as well as a non-linear Autoregressive Distributed Lag (NARDL) framework to carry out this investigation. The results showed that both the systematic and nonsystematic shocks influenced interest rate and expectations channels, while the negative systematic shocks influenced the credit channel. However, these shocks had no significant influence on exchange rate and asset price channels. The study was concluded by recommending that these channels should be well managed to avoid negative systematic and nonsystematic shocks to improve the monetary transmission process and foster a sound financial system in Nigeria. Key words: Monetary policy, monetary transmission mechanism, systematic monetary shocks, nonsystematic monetary shocks, non-linear ardl, historical decomposition.
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