The Central Bank of Nigeria (CBN) has said its monetary policy reforms have started reflecting positively on the country’s economy.

The apex bank’s Director of Corporate Communications Department, ISA ABDULMUMIN said this while speaking in Abuja on the latest inflation rate released by the National Bureau of Statistics (NBS).

ABDULMUMIN said the current inflation rate released by the NBS indicated that the money market reforms by the apex bank are gradually affecting the economy.

The director added that the low increase in the average price level in October is an indication that the CBN’s monetary policy stance as well as its money market reforms were yielding the desired results.

He noted that the leadership of the apex bank is working on its core mandate to stabilise the naira as well as reduce inflation.

According to him, such mechanisms included removing the cap on the Standing Deposit Facility and Open Market Operations.