This word was coined originally in Quebec, Canada, after a mispronunciation of the french expression "mon oeil".
This expression (while literally meaning "my eye") can roughly be translated to "my ass" or "bullshit".
Girl : So I like totally drank an entire bottle of vodka to myself last night. I was sooooooo drunk!
Clever Guy : Monay!
Girl : Yea, you're right. I had 2 glasses.....
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