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.”
Oil rises slightly to $40, demand concerns persist
Crude oil prices on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.
The international oil benchmark, Brent crude, rose by $0.92 to $40.70 per barrel as of 8:20pm Nigerian time.
It dropped by more than five per cent on Tuesday to fall below $40 a barrel for the first time since June.
Prices fell this week after Saudi Arabia’s state oil company, Aramco, cut the October official selling prices for its Arab light oil, a sign of softening demand, according to Reuters.
“When strong Middle Eastern producers are willing to sell-off in lower prices, it is normal that the global market panics and follows suit,” said Paola Rodriguez-Masiu, Rystad Energy’s senior oil markets analyst.
The global health crisis continues to flare with coronavirus cases rising in India, Great Britain, Spain and several parts of the United States.
The outbreaks are threatening to slow a global economic recovery and reduce the demand for fuels from aviation gas to diesel.
“Short-term oil market fundamentals look soft: the demand recovery is fragile, inventories and spare capacity are high, and refining margins are low,” Morgan Stanley said.
Record supply cuts by the Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, have helped support prices, but with grim economic figures being reported almost daily, the outlook for demand for oil remains bleak
