Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, has announced the closure of its Bureau de Change operations.

A statement signed by the bank’s Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange (NSE), indicates that SIBDC has relinquished its operating license in conducting its Bureau de Change operations with effect from January 1, 2021.

The notice further clarified that the need to discontinue its operations 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.

Recall that the Central Bank of Nigeria (CBN) had issued a circular that empowers all commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) of its customers, in a bid to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions.

IBTC Holdings 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 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).