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CBN Keeps Interest Rate at 14%

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Interbank rate
  • CBN Keeps Interest Rate at 14%

The Monetary Policy Committee left interest rate unchanged on Tuesday following two consecutive rises in consumer prices and concerns over global slowdown.

The Central Bank of Nigeria led committee kept Monetary Policy Rate at 14 per cent. While the Cash Reserve Ratio and Liquidity Ratio were left at 22.5 per cent and 30 per cent, respectively.

Mr. Godwin Emefiele, the CBN Governor, said the committee decision was based on the current situation. Suggesting that rising interest rate at this time could hurt economic growth despite inflation number rising to 11.44 per cent in December.

Still, the inflation rate is expected to increase in the near-term before moderating towards the third quarter of the year. While this was attributed to election spending and continued disruptions to the food supply in the insurgency prone areas, the MPC also noted that external shocks due to BREXIT negotiations, slowing growth in China and policy normalization in advanced economies are some of the factors expected to affect consumer prices in the first half of 2019.

Despite the International Monetary Fund lowering Nigeria’s growth projection for 2019 to 2 per cent on slower than expected global expansion, the CBN maintained its 2.28 per cent prediction, a 0.8 per cent higher than the 2.2 per cent predicted by the World Bank.

The MPC, however, highlighted unstable global oil market, security issues in the North East and uncertainty associated with the 2019 elections as key headwinds to these projections.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Israel Calls for Evacuation of Rafah Amid Threat of Assault

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Rafah, Gaza, Palestine

Israel called on civilians to evacuate parts of Rafah on Monday in what appeared to be preparation for a long-threatened assault on Hamas holdouts in the southern Gaza Strip city where more than a million war-displaced Palestinians have been sheltering.

Instructed by Arabic text messages, telephone calls, and flyers to move to what the Israeli military called an “expanded humanitarian zone” 20 km (7 miles) away, some Palestinian families lumbered out under chilly spring rain, witnesses said.

Israel’s military said it had begun encouraging residents of Rafah to evacuate in a “limited scope” operation. It gave no specific reasons, nor did it say if any offensive action might follow.

Seven months into its war against Hamas, Israel has been threatening to launch incursions in Rafah, which it says harbours thousands of Hamas fighters and potentially dozens of hostages. Victory is impossible without taking Rafah, it says.

The prospect of a high-casualty operation worries Western powers and neighbouring Egypt, which is trying to mediate a new round of truce talks between Israel and Hamas under which the Palestinian Islamist group might free some hostages.

The Rafah plan has opened an unusually public rift between Israel and Washington. Speaking to his U.S counterpart, Israeli Defence Minister Yoav Gallant linked Monday’s operation to the deadlock in indirect diplomacy, which he blamed on Hamas.

“During their discussion, Gallant discussed the efforts undertaken to achieve the release of hostages and indicated that at this stage, Hamas refuses the frameworks at hand,” the Israeli Defence Ministry said in a statement.

“Gallant emphasized that military action is required, including in the area of Rafah, at the lack of an alternative,” it added On Monday, the Israeli military called on Palestinians in eastern parts of Rafah to move to a nearby “humanitarian area”, saying it would “encourage … the gradual movement of civilians in the specified areas”.

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Paystack and Africa World Airlines Team Up to Enhance Passenger Experience

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Paystack - Investors King

Paystack, a leading financial technology company specializing in payment processing services, has announced a strategic partnership with Africa World Airlines (AWA), a prominent regional carrier operating in West Africa.

This collaboration unveiled through a joint statement by Jonathan Appiah, the Head of Commercial at Africa World Airlines, and Shola Akinlade, the Co-founder and CEO of Paystack, heralds a new era of convenience and efficiency for air travelers within the region.

The partnership aims to streamline the flight booking and payment process, offering passengers an array of seamless payment options tailored to their preferences.

With the integration of Paystack’s advanced payment gateway, passengers flying with Africa World Airlines can now enjoy hassle-free transactions, enhancing the overall travel experience.

Jonathan Appiah expressed excitement about the partnership, emphasizing AWA’s commitment to providing its customers with exceptional service.

He highlighted that the collaboration with Paystack allows AWA passengers in Ghana, Nigeria, and beyond to benefit from diverse payment methods, including card, mobile money, Apple Pay, bank transfers, USSD, PayAttitude, and QR codes.

“We are thrilled to partner with Paystack to offer our passengers a more convenient and streamlined booking and payment experience,” said Appiah. “At AWA, we are constantly seeking ways to enhance the overall travel experience for our customers, and we believe that this partnership with Paystack will significantly contribute to achieving that goal.”

Shola Akinlade, echoing similar sentiments, expressed Paystack’s enthusiasm for the collaboration, highlighting the company’s dedication to making the booking process accessible and inclusive for travelers across the region.

“We are excited to partner with Africa World Airlines to provide passengers with a convenient and reliable payment experience,” stated Akinlade. “By offering a variety of payment options, we aim to make the booking process more accessible and inclusive for travelers across the region.”

The joint efforts of Paystack and Africa World Airlines signify a commitment to innovation and customer-centric solutions in the aviation industry. As air travel continues to evolve, partnerships like these pave the way for enhanced passenger experiences and greater convenience in the skies of Africa.

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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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