CBN appoints three additional banks for NESS fee collection

By Sodiq Adelakun

The Nigerian Export Supervision Scheme (NESS) has recently seen the addition of three new banks appointed by the Central Bank of Nigeria (CBN) for fee collection purposes.

The newly appointed banks are Coronation Merchant Bank Limited, Paralex Bank Limited, and Lotus Bank. This decision was approved by the minister of finance, budget, and national planning.

In a circular signed by W.J. Kanya, on behalf of the director of the trade and exchange department, all authorised dealers have been instructed to inform their exporting customers about this development.

In 2021, the CBN appointed 19 banks for the same fees collection. The NESS is a statutory payment to the Federal Government on all legitimate non-oil and oil/gas exports from Nigeria.

As at 2021, the fee, 0.5 percent administrative charge of the value of the export and 0.15 percent of free on board (FOB) is collected by the Central Bank of Nigeria through designated banks.