How to give now! (7)

I believe the answer is:

present

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'now' is the definition.
(the present time)

I cannot understand how the rest of the clue works.

(Other definitions for present that I've seen before include "show" , "Current" , "It is given" , "Introduce formally" , "Reveal < a gift" .)

I've seen this clue in the Sydney Morning Herald.

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