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NIGERIA: Stanbic IBTC Bureau De Change Ends Operations

The discontinuation of operations of the BDC business was primarily driven by changes in regulations.

Inclusion Times
Inclusion Times

Stanbic IBTC Holdings Plc has disclosed that its Bureau De Change subsidiary, Stanbic IBTC Bureau De Change Limited has ended business since January 1, 2021, by relinquishing its operating licence.

The company made this announcement via a statement signed by its secretary, Chidi Okezie.

Image Source: BusinessDay NG

The statement explained that the discontinuation of operations of the BDC business was primarily driven by changes in regulations, “which now afford customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.”

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

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