The study investigated the effect of monetary policy on oil revenue in Nigeria taking into cognizance the particular effect of the switching from minimum rediscount rate (MRR) to monetary policy rate (MPR) which took effect from December 11, 2006. The time series data the study employed to examine the pre-adoption effect spanned from 1996 – 2005, while data for post-adoption effect covered the period from 2008 – 2017.  The data were collected on Oil Revenue, Minimum Rediscount rate, Money supply (M2), Treasury bill rate, Exchange rate and Monetary Policy rate. All data were sourced from the Central Bank website and Statistical Bulletin, 2016. The OLS technique was employed in analyzing the data and the result indicated that both MRR and MPR had insignificant negative effect on ORV. Although when the pre-adoption investigation was carried out, MNS had significant positive impact on ORV but in the post-adoption test conducted, the result was significantly negative. It was an indication that MPR is not any better than the MRR. Therefore, the study recommends that more strict measures be taken by the Monetary Authority in the Country to review the baseline interest rate which helps to determine money supply. This will help to curtail the negative effect of money supply on oil revenue.