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Home Business News

CBN appoints Titan Trust Bank to collect fees under NESS

Abiola Odutola by Abiola Odutola
June 10, 2021
in Business News, Financial Services, Spotlight
CBN forex restrictions on food itemsCBN approves new cheque standard for banks, Banks complex documentation makes it harder to access foreign exchange for Nigerians
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The Central Bank of Nigeria has appointed Titan Trust Bank as a designated bank for the collection of fees under the Nigeria Export Supervision Scheme (NESS).

This was disclosed by the apex bank in a circular issued by its Trade and Exchange Department and seen by Nairametrics.

It stated, “This is to notify all authorized dealers, service providers, and the general public that the Minister of Finance, Budget and National Planning has approved the appointment of Titan Trust Bank as one of the designated banks for the collection of NESS levy.”

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What you should know about NESS

On November 12, 2020, Wema Bank was also appointed by the CBN for the same purpose.

The Nigerian Export Supervision Scheme (NESS) Fee is a statutory payment to the Federal Government on all legitimate goods exported from Nigeria which includes the payment for non-oil goods.

It is charged at 0.50% of the value of the export and it is collected by the Central Bank of Nigeria through the commercial banks.

Following the completion of the banking sector consolidation exercise in January 2006, 13 banks were designated to collect NESS fees but this figure was later reduced to 12.

 


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Tags: NESS fees
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

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Comments 2

  1. Edward Okotie says:
    June 11, 2021 at 3:30 pm

    Money is mentioned to solve human problems and not to be worshiped nor to raise alarm about so long it use as amidium of exchange wether burroed or not.let there be even distribution of money among the living citizenship in Nigeria.

    Reply
  2. Istifanus Dung DIDO says:
    June 12, 2021 at 8:19 am

    Why has the CBN refused to release the approvals of the loans Nigerians applied for during the Covid 19 period. So many people underwent trainings to enable them manage the loans well but were disappointed because they are from a particular part of the country. Please, revit those applications. Thanks.

    Reply

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