Nigeria’s naira reached a record low in the parallel market, falling to 1,305 naira per USD, a 1.5% decrease from the previous day. This widening gap over the official rate (838 naira per USD) highlights the persistent USD shortages and rising demand for USD in the country. The central bank is attempting to clear a backlog of forward FX contracts estimated between USD 7 bln and 10 bln to boost investor confidence.