By Babajide Kamolafe
MANAGING Director/Chief Executive, Access Bank Plc, Mr. Herbert Wigwe and Managing Director/Chief Executive, Financial Derivatives Company Limited, Mr. Bismarck Rewane have projected that Nigeria will achieve positive economic growth in the second quarter of this year.

CEO, Access Bank, Herbert Wigwe

The duo made this projection while speaking at the Access Bank foreign exchange seminar titled “The Nigerian Foreign Exchange Market – Paving the way towards restoring confidence”.

Rewane said, “The growth story of Nigeria will start in second quarter. We are going to see positive growth in the second quarter that will continue till the end of the year.” Wigwe on his part stated: “Today, we see a new wave of positive news as evidenced by the following: Lowering inflation rates; Increased and stable oil prices; significant accretion to the Foreign reserves – currently at $30.7 billion from a record low of $23.8 billion; Increased supply of FX to the markets; and a narrowing of the spread between the official and parallel FX market. This new and positive tide that we observe and believe will persist.”

Commenting on the newly created Investors and Exporters Forex Window (IEFW), Wigwe and Rewane noted that the window will enhance confidence in the foreign exchange market and boost dollar inflows into the economy. Rwane said, “The IEFW will increase the number of suppliers in the foreign exchange market and reduce the dominance of the CBN, as well as move us closer to effective exchange rate. It is an attempt to make price discovery more efficient and the achievement of a perfect market.”

Wigwe said:  “What is important today is to focus on the new circular. The new circular is of significant importance, we are beginning to see inflows into the market, it is still very early days yet, but at least we are beginning to see semblance of inflows. We must work together to strengthen this market in which we do business. Extremely high rates are not what we are looking for; we are looking for market induced rates. We must support the regulator to ensure that all of these things result in some profitable stability.”