Nigerian banks are now required to transmit the payment of Customs Duty to the Central Bank of Nigeria (CBN) within 24 business hours or face sanctions.
The Public Relations Officer of the Nigeria Customs Service (NCS), Mr. Wale Adeniyi made this known during an exclusive chat with to Business and Maritime Summit in Lagos on Wednesday.
He explained that the former practice whereby banks collected duties on behalf of the Customs and fail to remit it to the CBN on time would no longer be tolerated.He stressed that a pilot test of the new regulation had begun in Abuja and implemented at the Nnamdi Azikiwe International Airport.
The result generated from the new procedure, Adeniyi added, showed a remarkable improvement in the revenue generated by the NCS as opposed to what obtained in the past.
"The number of assessment has trippled from 600 per month to 1,800 per month while revenue generation has also tripled in the same", he stressed.
He added that the procedure has therefore been introduced all over the federation and urged all banks designated to collect Customs duty to comply with the new regulation without fail.
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