Business
Dollar Rises From Lowest in Week on Bets Fed Will Taper
WASHINGTON – The dollar rose from the lowest level in a week as investors wagered the Federal Reserve is still moving toward reducing its bond buying after chairman-nominee Janet Yellen said it “will not continue indefinitely.”
The yen weakened beyond 100 per dollar for the first time since September after a government report showed economic growth slowed, adding to the case for the Bank of Japan to boost stimulus. Emerging-market currencies rose on bets the Fed will continue its asset purchasing. Yellen said in Washington testimony she is committed to promoting a strong recovery and will ensure monetary stimulus isn’t removed too soon.
Yellen Signals Stimulus Until Recovery Improves0:31
Currency investors “are not completely convinced that the Fed will be able to follow through on its dovish inclinations,” Steven Englander, global head of Group of 10 currency strategy at Citigroup Inc., wrote in an e-mail. “There is a small case for the dollar within G3 even if tapering is in the slow lane, and a big case if it turns out that data and asset-market conditions force the Fed to slow the pace of buying.” The G3 refers to the dollar, yen and euro.
The Bloomberg U.S. Dollar Index, which monitors the greenback against 10 major counterparts, was little changed at 1,018.82 at 5 p.m. in New York after dropping to 1,015.83, the lowest since Nov. 7. It fell 0.4 percent yesterday.
The yen fell 0.8 percent to 100.01 per dollar after touching 100.15, the weakest level since Sept. 11. Japan’s currency declined 0.6 percent to 134.61 per euro. The euro slid 0.2 percent to $1.3461 after declining as much as 0.5 percent.
Won, Ringgit
South Korea’s won and Malaysia’s ringgit rose the most in three weeks after Yellen’s comments damped speculation funds will flow out of emerging markets.
“Demand for riskier assets may come back,” Son Eun Jeong, a currency analyst at Woori Futures Co. in Seoul, wrote in a research note.
South Korea’s currency appreciated 0.4 percent to close at 1,067.91 per dollar in Seoul, the biggest gain since Oct. 23.
The ringgit strengthened 0.2 percent to 3.2045 per dollar, the steepest increase since Oct. 28, according to data compiled by Bloomberg. It earlier touched 3.1861, the highest level since Nov. 11.
Australia’s dollar reversed earlier gains on speculation the central bank will cut interest rates even after a potential delay in the Fed’s plan to slow asset purchases.
The Aussie fell 0.5 percent to 93.16 U.S. cents from 93.60 yesterday, when it added 0.6 percent.
‘Strong Recovery’
Yellen said the central bank’s key interest rate, now at a record zero to 0.25 percent, would remain low even after it starts to pare back on bond purchases.
“I consider it imperative that we do what we can to promote a very strong recovery,” Yellen said in response to a question during testimony today to the Senate Banking Committee in Washington. “It’s important not to remove support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited given that short-term interest rates are at zero.”
The Federal Open Market Committee she is poised to lead is considering whether to begin slowing its $85 billion monthly bond-purchase program, which is pushing the Fed’s assets toward a record $4 trillion. The Fed has kept its target interest rate near zero since December 2008.
‘Comforting Signal’
Yellen “has expressed a clear conviction in the merit of stimulative monetary policy,” Jens Nordvig, managing director of currency research at Nomura Holdings Inc., Japan’s biggest brokerage, wrote in an e-mail. “Hence, it is a comforting signal for the market, that tapering is not about to happen very soon, and risk assets are supported, that is the main move.”
The greenback weakened earlier as the U.S. trade deficit widened, with the gap in goods and services trade increasing 8 percent to $41.8 billion from a revised $38.7 billion in August, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 72 economists called for a $39 billion deficit.
Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000 from a revised 341,000 the week before that was higher than initially reported, the Labor Department said. The median forecast of 51 economists surveyed by Bloomberg called for a drop to 330,000.
Japan Policy
The yen fell versus all of its major peers as Finance Minister Taro Aso said the nation must retain intervention as a policy option.
Japan’s gross domestic product growth slowed to an annualized 1.9 percent in the July-September period from 3.8 percent in the second quarter, the Cabinet Office said in Tokyo. The median estimate of economists surveyed by Bloomberg News was for a 1.7 percent increase.
“Weaker Japanese data suggests we’re likely to get more policy action, and that will put the yen under pressure,” said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London.
The European Union’s statistics office said the economy expanded 0.1 percent after growing 0.3 percent in the previous three months.
The euro has gained 6.3 percent this year, the best performer of 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar advanced 4 percent and the yen slumped 11 percent.
– BLOOMBERG
In a move perceived as an important milestone in the company’s journey to accelerate its Beyond XXX vision and drive the next phase of growth, innovation, and impact, Sahara has announced the appointment of Chidilim Menakaya as Managing Director.
Menakaya is a seasoned transformation and strategy executive, bringing more than two decades of leadership experience spanning Africa, Asia, Europe, and the Middle East.
Prior to her appointment, Menakaya served as Director of the Sahara Foundation, where she led the company’s sustainability and social impact agenda.
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Under her leadership, the Foundation expanded the reach of Sahara’s EXTRApreneurship model, strengthened strategic partnerships, and deepened socio-economic impact across communities in the company’s locations.
Widely respected for her collaborative leadership style, strategic insight, and ability to build high-performing teams, she has consistently demonstrated a commitment to developing people, driving innovation, and delivering measurable outcomes.
Commenting on the appointment, Executive Director, Sahara, Ade Odunsi, said the decision reflects Sahara’s confidence in purposeful leadership and its commitment to building the future from within.
“For over three decades now we have remained committed to our vision of bringing energy to life responsibly. Beyond XXX represents our commitment to shaping the future through bold thinking, innovation, sustainability, and shared value creation. Chidilim’s appointment reflects these aspirations. We are confident that under her leadership, Sahara will continue to expand the frontiers of impact and create sustainable value for stakeholders across our markets.”
Odunsi noted that the appointment signals Sahara’s determination to build a resilient, future-focused enterprise capable of thriving in an increasingly dynamic global environment.
As Managing Director, Menakaya will provide strategic leadership for steering Sahara’s Beyond XXX agenda, enhancing stakeholder value, and positioning Sahara for continued growth and global relevance.
Menakaya holds executive and professional qualifications from leading global institutions, including London Business School, INSEAD, and Manchester Business School. She is also a certified Human Resources Business Partner, Transformation and Reputation Manager, and Prosci-certified Change Management Practitioner.
The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), has been described as an important precedent in the Nigerian capital market.
Sharing the view in a statement on Monday, Olaniwun Ajayi LP also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.
According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.
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The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.
In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch
According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise (NFZE) in Nigeria.
The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.
It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.
The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.
Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.
According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come.”
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He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses
Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated
The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250. The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.
Highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
Commenting on the significance of the transaction, NGX Group Chairman, Umaru Kwairanga, described the offer as a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.
Similarly, Lagos State Governor, Babajide Sanwo-Olu, hailed the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilize capital and invest in its own future.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.
Also speaking, Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
For his part, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations. He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said.
Photo Caption: L-R: Ooni of Ife, Adeyeye Enitan Ogunwusi; Managing Director, Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede; Group Chairman, NGX Group, Dr Umaru Kwairanga; President/CE, Dangote Industries Limited, Aliko Dangote; Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola; Lagos Governor, Babajide Sawo-Olu; Group Executive Director, Commercial Operations, Oil & Gas, Fertiliser and WAEP, Fatima Aliko-Dangote, at the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO) Facts Behind the Figure presentation at the Nigerian Exchange (NGX), Lagos on Monday, September 14, 2026.
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