Business
Naira Depreciates Against Dollar

The Naira on Monday de
preciated further against the dollar at the parallel market, losing N2 to exchange at N347 to the U.S. currency.
It would be recalled that the currency traded at N345 to the dollar on Friday
The naira also traded at N370 to the Euro and N460 to a Pound Sterling at the transactions.
At the Bureau De Change (BDC) window, it exchanged at N344.5 to the dollar and N430 to the Pound Sterling.
At the interbank segment of the market, the naira closed on a positive note of N281.49 to the dollar.
Traders at the market said that they were yet to feel the impact of the floating exchange rate policy of the Central Bank of Nigeria (CBN).
They also remarked that the Brexit was still affecting the value of the Pounds at the parallel market.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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