The study critically investigates the effect of balance of payments deficit and monetary policy on the economic growth of Nigeria between 1980 and 2013 using dynamic econometric model. The variables used in formulating the econometric model were selected from the study of Kallon (1994) within the general framework of Thirlwall and Hussain (1982). The model balance of payments as a percentage share of gross domestic product ( BOP Y ), first lag of balance of payments as a percentage share of gross domestic product (( ) t−1 ), exchange rate of naira via-a-vis U.S dollar (ER), log of broad money supply (lnMS), and monetary policy rate (INT), in Nigeria during the review period. While, economic growth is proxied by real gross domestic product growth as the regress and. The result indicated that there is long-run relationship between balance of payments, monetary policy and economic growth in Nigeria. Also, balance of payments and monetary policy variables were found to be growth enhancing during the reviewed period. However, emanating from the empirical findings, proper policy recommendations were proffered.