Parallex Bank Authorized to Collect Nigeria Export Supervision Scheme Fees

The Central Bank of Nigeria (CBN) has granted Parallex Bank Limited the approval to collect Nigeria Export Supervision Scheme (NESS) fees.

This noteworthy milestone was revealed through a circular signed by Dr. W.J. Kanya, on behalf of the Director of the Trade and Exchange Department at the apex bank.

The NESS fee, a mandatory payment to the Federal Government for all legitimate goods exported from Nigeria, has been a pivotal aspect of international trade in the nation, encompassing both non-oil and oil-based products.

This approval, granted under the auspices of the Minister of Finance, Budget, and National Planning, Wale Edun, marks a pivotal moment for Parallex Bank Limited, now an authorized NESS fee collector.

Dr. Olufemi Bakre, the Managing Director of Parallex Bank Limited, expressed his satisfaction with this milestone.

He encouraged all authorized exporters to consider Parallex Bank as their preferred financial partner, emphasizing the bank’s extensive expertise and commitment to seamless service for NESS fee payments and other transactions.

Parallex Bank’s journey to this point has been impressive, transitioning from a microfinance bank to a commercial bank in early 2022.

With plans to open more branches across the country, their growing customer base, and profitability path, it appears that Parallex Bank is poised for a promising future as a key player in Nigeria’s financial landscape.