Stanbic IBTC Bureau de Change (SIBDC), a subsidiary of StanbicIBTC Bank has shut down its bureau de change subsidiary due to the change in foreign exchange inflow policy by Central Bank of Nigeria (CBN).
The decision to discontinue its bureau de change operations was because of the recent changes in diaspora inflow that now affords customers the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.
The intention is to reposition it subsidiary for other business ventures in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard,
Stanbic IBTC Bureau de Change (SIBDC) was incorporated in December 2012 and licensed to commenced operations at its Walter Carrington, Victoria Island Head Office on April 17, 2014 following the Central Bank of Nigeria approval has discontinued effective from 01 January 2021 through relinquishing of its operating license.
It should be recalled that the Central Bank of Nigeria (CBN) adjusted the policy of diaspora remittance inflow to stimulate growth and ease forex scarcity across the nation.
The Bureau de change business in Nigeria is principally regulated by the Central Bank of Nigeria (CBN). The CBN has publications commonly known as circulars and pronouncements which impact the activities of this business.