Export: Banks Update Rates for Certificate of Origin
Deposit money banks in Nigeria have updated rates for the issuance of certificate of origin, an international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in Nigeria, to exporters.
Nigerian banks said the upward adjustment in rates is to accommodate market condition amidst drive to grow export business and attract inflows into the economy. MarketForces gathered that inflation has affected operating costs and administrative costs of producing the international trade required document.
Some banks told customers that following directive from the Lagos Chamber of Commerce and Industry, their rates on certificate of origin as per value has been adjusted to accommodate the new regime.
“The rates have been adjusted to accommodate current market conditions and administrative costs”, Ecobank told customers. For value below $50,000, LCCI members are now expected to pay N19,500 while non-member will be charged N26,000.
Export value between $250,000 and $499,000 would costs exporters N156,000 to obtained their certificate if they are members of the Lagos Chamber of Commerce and Industries while non-members would pay N195,000 on the same value.
For export business between $50,000 and $99,000 transaction value, local banks will charge LCCI members N32,500 for certificate of origin while non-members would be required to pay N39,000. Exports trade above $1 million would attract payment of N325,000 for members of LCCI while no members would pay N455,000. IMF Lauds Nigeria’s Bold Reform, Highlights CBN Autonomy
