Business

CBN appoints Titan Trust Bank to collect fees under NESS

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.”

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.

 

Chidera

Arch Blogger and computer scientist
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