Titan Trust Bank receives approval for collection of export

Titan Trust Bank receives approval for collection of export supervision levy


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This is contained in a circular signed by O.S. Nnaji, director of trade and exchange department at CBN, on Wednesday.
NESS levy is a statutory payment to the federal government, which is charged at 0.50 percent of the export value. The apex bank collects the fees through designated banks on behalf of FG. 
It was designed to ensure that the price, quality, and quantity of goods exported from Nigeria are to the buyer’s specifications, prevent capital flight and ensure competitive advantage in relation to other exporting countries.
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The apex bank said the approval was granted by Zainab Ahmed, minister of finance, budget and national planning.

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