• Wednesday, December 06, 2023
businessday logo


CBN appoints Coronation, 2 other banks for collection of export fees

CBN to sanction banks over cheque rejection from November 1

The Central Bank of Nigeria (CBN) has appointed three more banks for the collection of fees under the Nigerian Export Supervision Scheme (NESS).

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

“Consequently, all authorised dealers are therefore enjoined to bring the information to the attention of the exporting customers,” a circular signed by W.J. Kanya, for the director of trade and exchange department said.

Read also: World Bank warns CBN against direct lending intervention, FX control

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.