Stanbic IBTC Dumps Bureau de Change Operations
Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, has announced the closure of its Bureau de Change operations.
This was revealed in a statement signed and submitted to the Nigerian Stock Exchange, NSE, by the bank’s Secretary, Mr. Chidi Okezie.
SIBDC said it has relinquished its operating license in conducting its Bureau de Change operations with effect from January 1, 2021.
Stanbic IBTC however explained that the need to discontinue operations in the segment became imperative given changes in regulations, which now affords customers the opportunity to purchase foreign exchange (PTA and BTA) directly from Stanbic IBTC bank at any of its branches nationwide.
As part of effort to reduce FX pressure, the Central Bank of Nigeria (CBN) had issued a circular that empowers commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) of its customers.
Remittance from Nigerians in diaspora can now be cashed across the counters in Nigeria and a number of banks are adjusting to the new regime.
IBTC Holdings then assured its numerous customers that the decision was taken in order to redirect the focus of the subsidiary to other profitable business ventures in the near future.
It added that stakeholders would be duly notified when all engagements have been concluded in this regards.
SIBDC Limited was incorporated in December 2012 and licensed to commence operations on 17 April 2014, after fulfilling pre-requisite conditions set by the Central Bank of Nigeria.
Until the revocation of its license, Stanbic IBTC Bureau de Change was a member of the Association of Bureau de Change Operators of Nigeria (ABCON).
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Stanbic IBTC Dumps Bureau de Change Operations by Editor.
