Nigeria has over the years been controlling her economy through various macroeconomic policies of which monetary policy is among using some monetary policy instruments in efforts to drive along the desired path. This study empirically reassessed the impact of monetary policy on economic growth of Nigeria adopting the Error Correction Model approach. It utilized time series secondary data spanning between 1981 and 2018. The result showed that a unit increase in Cash Reserve Ratio (CRR) led to approximately seven units increase in economic growth in Nigeria. The result was in consonance with economic literature as monetary policy among other objectives is geared towards achieving the macroeconomic objectives of sustained economic growth and price stability. Therefore, the study recommends that monetary authorities should give priority attention to CRR monetary policy tool as it will produce a more desired result in terms of economic stabilization. And also some combination of fiscal policy measures are needed to attain the complementary balance required to drive an economy towards desired goals.