Insurance Expert commends CBN flexible exchange rate initiative
Deputy President, Chartered Insurance institute of Nigeria CIIN Mrs. Funmi Babington-Ashaye, has commended the recent flexible exchange rate initiative introduced by the Central Bank of Nigeria CBN. Babington-Ashaye, while answering questions from the journalists during CIIN press conference in Lagos said before now individuals were finding it difficult to take insurance while corporate bodies bottom line were negatively imparted. She noted that with the introduction of the flexible exchange rate things will get normal.
“Clearly, it’s only when you have a lot of money to spend that you remember insurance, even for corporate organisations, they have a lot of issues regarding their bottom line.
Prices have gone up and you see some of them that are even insuring in the past, comprehensively, have started insuring third party, even individual not renewing at all. You can imagine the negative impact on the bottom line of insurance firms.
Thanks for flexible exchange rate that just started recently. I believe that forex I’ll be available at anytime to any company, to any company and individuals at a rate that is determined