Digital Marine Insurance Certificate Mandatory for Form M says CBN

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The Central Bank of Nigeria has made a digital marine insurance certificate a mandatory requirement to obtain Form M.

The bank disclosed this in a circular TED/FEC/FPC/GEN/01/006 dated September 7, 2020 titled ‘Integration of digital marine insurance certificate with e-Form on the Nigeria trade portal’

The circular was endorsed by , Dr. O.S. Nnaji, the Director, Trade and Exchange Department of CBN

It also discontinued the use of the hard copy marine insurance certificate for processing e-Form M.

The circular read, “This is to inform all authorized dealers, Nigeria Customs Service and the general public that the Nigerian Insurers Association digital marine insurance certificates have been integrated with e-Form M on the Nigerian trade portal.

“Consequently, the NIA’s marine insurance certificate shall with effect from Monday, September 14, 2020 be part of documentation requirements for the processing of e-form M.

“For the avoidance of doubt, the use of hard copy marine insurance certificates for processing e-Form M is hereby discontinued from the effective date of this circular.”

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