The study looked at how inflation and interest rates are related in Nigeria from 1970 to 2009. They found that real interest rates stayed stable, but nominal interest rates and expected inflation moved together in the long term. This means the full Fisher effect doesn't hold, but there is a strong Fisher effect in Nigeria. The researchers also discovered that expected inflation causes changes in nominal interest rates, not the other way around. Only a small portion of the difference between long-term and short-term interest rates is corrected within a year. The study suggests that controlling actual inflation should be the main focus of monetary policy in Nigeria.