Following a methodology change in determining exchange rates, Nigeria’s naira plummeted 31% to a historic low of 1,413 NGN per USD. This devaluation, the second in seven months, reflects the central bank’s effort to combat exchange rate manipulation. The naira’s parallel-market rate now stands at 1,468 NGN per USD, a 1.2% daily drop, amid persistent USD scarcity. The bank recently cleared all verified USD backlogs owed to foreign airlines, totaling an additional USD 64 mln, although about USD 700 mln remains unpaid.