The Central Bank of Nigeria has announced that its monetary policy reforms are starting to yield positive results for the country's economy.

In response to the recently published inflation rate for October, the apex bank, through a statement from the Director of the Corporate Communications Department, Isa AbdulMumin, pledged to revert to an evidence-based monetary policy approach to rebuild stakeholders' confidence in Nigeria's financial system.

In October the CBN Governor, Dr Yemi Cardoso, said there was an urgent need for “discontinuation of unorthodox monetary policies and foreign currency management and unorthodox use of ways and means spending”.

Cardoso added: “The economic policy proposals of the administration identify a set of fiscal reforms and growth targets that will achieve $1trn GDP within eight years.”

According to data released by the National Bureau of Statistics on Wednesday, inflation increased to 27.33 percent in October, a slight uptick from September's 26.72 percent.

The central bank emphasized that the current inflation rate reflects the gradual impact of the CBN's money market reforms on the economy.

It was pointed out that the marginal increase in the average price level for October demonstrates the effectiveness of the CBN's monetary policy stance and money market reforms in achieving the desired results.

AbdulMumin highlighted the commitment of the apex bank's leadership, stating that efforts are underway to fulfill its core mandate of stabilizing the naira and reducing inflation.