CBN Makes e-marine Insurance Mandatory For Form M

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

The bank disclosed this in a circular titled ‘Integration of digital marine insurance certificate with e-Form on the Nigeria trade portal’ issued by the Director, Trade and Exchange Department, Dr. O.S. Nnaji, on Wednesday

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 authorised dealers, Nigeria Customs Service and the general public that the Nigerian Insurers Association digital marine insurance certificates has been integrated with e-Form M on the Nigeria 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 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.”