CBN approves Parallex bank for NESS collection


Central Bank of Nigeria building

The Central Bank of Nigeria has granted approval for Parallex Bank to collect Nigeria Export Supervision Scheme fees.

The approval was given in a circular signed by Dr. W.J. Kanya on behalf of the Director of the Trade and Exchange Department at the apex bank. In the circular, Parallex Bank Limited was added to the list of approved banks authorised to collect NESS fees.

NESS Fee is a mandatory payment to the Federal Government for all legitimate goods exported from Nigeria, encompassing both non-oil and oil-based products.

Dr. Kanya noted that this approval was granted under the auspices of the Minister of Finance, Budget, and National Planning, Wale Edun and called upon all authorized dealers and service providers to take note of this significant development.

The Managing Director of Parallex Bank Limited, Dr Olufemi Bakre, reacting to the development, expressed his satisfaction with the milestone and encouraged all authorised exporters to leverage Parallex Bank’s extensive banking expertise and consider the bank as their preferred financial partner.

Bakre went on to assure exporters of seamless services when it comes to paying their NESS fees and conducting various other transactions with the bank.

Parallex Bank transitioned into a commercial bank from a microfinance bank in early 2022. It opened five new branches across the country in September and revealed that 12 new branches will be opened before the end of the year.

Meanwhile at the recent launch of its Marina Branch on Lagos Island, Bakre stated that the bank had hit milestones in its few years of operations.

He said, “Technically, we are less than two years and irrespective of our newness and age, I‘m pleased to inform you that the bank has not only broken barriers, we are on a profitability path. As a bank, we have over 100,000 customers and this is just the starting point.”

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