Business
Dollar Rises Against Euro as Pound Strengthens
NEW YORK – The U.S. dollar rose against the euro on Tuesday after the European Commission lowered its forecasts for euro-zone growth, while the British pound strengthened on news of record growth in the U.K.’s services sector.
The euro (EURUSD) declined to $1.3467 from $1.3510 late Monday.
The commission downgraded its euro-zone gross domestic product forecast for 2014 to 1.1% from 1.2%, and lifted its unemployment projection to 12.2% from 12.1%. For 2013, the commission expects the economy to contract 0.4%, with joblessness at 12.2%, both unchanged from the May forecast. The euro came under heavy pressure last week, in part due to data showing slowing inflation in the currency bloc, raising the chances for further easing there.
“Some economists are even calling for another rate cut by the [European Central Bank] on Thursday. While we believe this forecast is overly aggressive, the reasoning is sound because inflation is a top priority for the central bank, and there’s a good chance that [ECB President] Mario Draghi will be less optimistic and appear more inclined to ease monetary policy,” said BK Asset Management managing director Kathy Lien.
The ICE dollar index (DXY), which tracks the U.S. currency against six others, edged up to 80.677 from 80.606 late Monday in North America. The WSJ Dollar Index , a rival gauge of the U.S. unit, was unchanged at 72.89.
Noting a nearly 2% gain for the ICE dollar index the previous week, Crédit Agricole analysts said the U.S. currency “is likely to consolidate its gains over the short term ahead of Friday’s U.S. October employment report.”
“Despite some near-term consolidation, the [dollar] looks set to gain further over the coming weeks, helped by the fact that the market had already squared a lot of long positions over past weeks,” Crédit Agricole said in a note Tuesday.
expect October nonfarm payrolls to rise 100,000 after a 148,000 increase in September, with the unemployment rate ticking higher to 7.4% from 7.2%.
BK Asset Management’s Lien said a weaker U.S. jobs report would likely be a function of last month’s government shutdown, dampening the effect of any surprises in the data. “We should see the dollar sell off if payrolls are weak, but the losses could be limited,” Lien wrote late Monday.
“The bigger reaction could actually be to a stronger payrolls report. If [the gains in nonfarm payrolls] exceed 150,000, we expect to see an aggressive short squeeze in the dollar, because the stronger number would be consistent with the Fed’s less pessimistic views,” she said, referring to the outlook from the Federal Reserve.
The British pound (GBPUSD) rose to $1.6045 from $1.5951 on Monday. The pound rose as high as $1.6063 intraday. The move came after the Markit/CIPS U.K. Services PMI for October rose to 62.5 in October, versus September’s 60.3, the biggest increase in activity since May 2007. Gains were driven by a sharp rise in new business.
The Japanese yen (USDJPY) strengthened, with the U.S. dollar fetching Yen98.37 compared to late Monday’s Yen98.68.
The Australian dollar (AUDUSD) was little changed in recent trade, buying 95.09 U.S. cents versus 95.08 U.S. cents late Monday. Earlier Tuesday, the Aussie dollar fell after the Reserve Bank of Australia held interest rates steady, with its governor saying the currency remained overvalued.
“The Australian dollar, while below its level earlier in the year, is still uncomfortably high,” said Gov. Glenn Stevens in a statement accompanying Tuesday’s policy decision. “A lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy.”
The remarks echoed similarly dovish comments from the central-bank chief last week.
– NASDAQ
The Aliko Dangote Foundation (ADF) has unveiled the Women’s Share Subscription Grant Initiative (WSSGI), a pioneering financial inclusion programme aimed at increasing women’s participation in Nigeria’s capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The nationwide initiative is designed to support up to two million Nigerian women, with a special focus on low- and middle-income earners, as well as vulnerable women. Through the programme, ADF seeks to expand access to equity ownership, promote a culture of savings and long-term investing, and empower women with greater opportunities for wealth creation through responsible participation in the capital market.
The initiative is open to several categories of beneficiaries, including independent applicants earning ₦100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN, and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.
To accommodate different categories of participants, the initiative provides two pathways for entry: Matching Grant Track: Eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.
Unconditional Grant Track
The ADF will fund an application for 20 shares on behalf of eligible beneficiaries who satisfy programme eligibility, investor identification, and Know Your Customer (KYC) requirements.
This category covers verified beneficiaries from designated ADF programmes and verified service widows.
Under both tracks, grant funds will be applied directly through the designated issuing house. No cash payments will be made to beneficiaries, government agencies, or sponsors. Any shares successfully allotted will be credited solely to the beneficiary and held in her name.
Eligibility Requirements
Applicants must be Nigerian women aged 18 years and above; resident in Nigeria; meet the eligibility requirements of their respective participation category; successfully complete all required identity verification and KYC processes; and receive no more than one ADF share grant across all Foundation share grant schemes.
The ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX) through the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.
The Foundation will not receive, collect, or hold applicants’ or sponsors’ subscription funds. All applications, payments, allotments, and refunds will be handled in accordance with the IPO Prospectus, applicable regulatory requirements, and the approved basis of allotment.
Participation in the programme is entirely voluntary. Prospective investors should note that share prices may fluctuate, dividends are only payable when declared, and neither allotment nor investment returns are guaranteed.
To facilitate broad participation, applicants are not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva upon successful completion of the IPO’s KYC requirements.
Eligible independent applicants may submit their applications exclusively through the official ADF portal at ipo.alikodangotefoundation.org.
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Beneficiaries affiliated with the ADF programmes and verified service widows will receive application guidance through approved Foundation channels.
The offer closes on 13 October 2026.
The ADF urges prospective participants to remain vigilant against fraud. Applicants should not make payments to agents, individuals, or personal bank accounts in exchange for grants or promises of guaranteed allotment. Passwords, PINs, and one-time passwords (OTPs) should never be shared, and any unexpected payment request or online link should be verified through official channels before action is taken.
Through this initiative, the ADF is reinforcing its commitment to inclusive economic empowerment, broadening access to investment opportunities, and enabling more Nigerian women to participate meaningfully in the nation’s wealth creation journey.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a pipeline of major offshore projects with the potential to attract significant new investment into Nigeria’s upstream petroleum sector.
This is as the commission has intensified efforts to convert the country’s substantial hydrocarbon resources into producing assets and sustainable economic value, the NUPRC said in a statement.
According to the statement, Nigeria’s upstream investment outlook was presented at the Nigeria Investment Forum 2026 in New York by the Commission Chief Executive (CCE), Oritsemeyiwa Eyesan.
Eyesan, who was represented by the Executive Commissioner, Corporate Services and Administration, Dr. Kelechi Ofoegbu, highlighted the emerging investment opportunities across Nigeria’s offshore, gas and brownfield assets, noting that the combination of regulatory reforms, improved project economics and a growing pipeline of development-ready assets is creating new opportunities for investors and industry partners.
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A key feature of the presentation, it said, was the identification of 22 major offshore projects, comprising 12 deepwater and 10 shallow-water developments, as part of the pipeline capable of driving substantial new capital into the sector.
According to the commission, the projects include major developments such as Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.
The NUPRC also highlighted recent capital commitments across projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development, demonstrating the movement of investment interest towards actual project development.
The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.
The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.
It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.
The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.
“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”
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According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.
The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.
“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.
The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.
The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.
The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.
It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”
The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.
Courtesy – The PUNCH
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