The Central Bank of Nigeria (CBN) on Monday, 27th March 2017, introduced new Forex rates for transactions such as school fees, medical bills and travel allowances. According to the CBN, it would no longer trade the naira at N375 per dollar but at rates not more than N360/$1 to Nigerians. The also said it would start selling foreign exchange to the Bureau de Change (BDC) market twice weekly and also boost their liquidity by 20 percent. The BDCs were allowed to bid for a maximum of 8,000 dollars from the CBN every Thursday at N360. Following these decisions, directors from the International Monetary Fund (IMF) praised the CBN for easing foreign exchange restrictions in Nigeria.
CBN also released an emergency phone number and email address for immediate complaint against any commercial bank that denies a customer access to foreign exchange.