Business
Yen Slumps to Lowest in Four Years on BOJ Easing
TOKYO – The yen fell to a four-year low against the euro and weakened past 101 per dollar as Japan’s central bank kept its pledge to expand the monetary base as part of the government’s strategy to end 15 years of deflation.
The euro gained for a second week as a rise in German business confidence fueled optimism the economic recovery is gaining momentum. Australia’s dollar fell on bets the central bank will intervene to weaken the currency. Yields on U.S. debt rose to the highest in two months relative to Japan’s as the Federal Reserve signaled reduced asset purchases “in coming months.” U.S. consumer confidence is forecast to climb in November after plunging last month amid the government shutdown.
“The yen was among the under-performers in the Group of 10 this week,” Valentin Marinov, head of European G-10 currency strategy at Citigroup Inc. in London, said in an e-mail. “The dollar could remain supported against the yen from the upcoming U.S. data, as well as more signals from the Fed about the timing of tapering.”
The yen fell 1.5 percent this week to 137.28 per euro after touching 137.35, the weakest level since October 2009. The Japanese currency slipped 1.1 percent to 101.27 per dollar after reaching 101.35, the least since July 8. The shared currency rose 0.5 percent to $1.3558.
The Bloomberg U.S. Dollar Index, which tracks the currency against 10 major counterparts, rose 0.2 percent to 1,018.56.
Winners, Losers
Brazil’s real rallied the most against the greenback among its 16 most-traded currencies tracked by Bloomberg as companies made winning bids worth $9.1 billion to operate two of the nation’s busiest airports, more than three times the minimum amounts set by the government.
The real climbed 1.5 percent over the past five days to 2.2794 per U.S. dollar, its first weekly advance since Oct. 18.
The Aussie fell for a fifth week against the dollar, the longest losing streak in more than five months, after Reserve Bank of Australia Governor Glenn Stevens said in a speech on Nov. 21 that foreign-exchange intervention can be effective as long as it’s “judiciously used in the right circumstances.”
“The Aussie is looking very vulnerable,” said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London. “The RBA has once again focused in on the currency, citing it as overvalued. There are domestic and international reasons to be negative and we are looking for the move to continue.”
The Aussie fell 2 percent to 91.83 U.S. cents this week after touching 91.44 yesterday, the weakest since Sept. 6. The currency traded touched NZ$1.1170, the lowest versus the New Zealand dollar since October 2008.
Argentine Peso
The Argentine peso, which is regulated by the nation’s central bank, fell the most among emerging-market currencies in the last five days amid cabinet changes that included the central bank president and economy minister.
The likelihood Argentina will designate exchange rates that differ based on the transaction has jumped with the promotion of Axel Kicillof, who as deputy economy minister supported President Cristina Fernandez de Kirchner’s ban on dollar purchases for savings and import restrictions, according to HSBC Holdings Plc.
The peso slumped 1.5 percent to 6.0827 per dollar, the biggest weekly drop since March 2009. In a market used to wager on future currency values, peso non-deliverable forwards tumbled 4.7 percent to 7.1300.
Central Banks
Minutes of the Fed’s Oct. 29-30 meeting showed policy makers “generally expected” improvement in employment data that would “warrant trimming the pace of purchases in coming months.” The central bank buys $85 billion of Treasuries and mortgage-backed securities a month. The Fed next meets on Dec. 17-18.
U.S. consumer confidence rose to 72.2 this month, according to the median estimate of 58 economists in a Bloomberg survey, from 71.2 in October, the weakest reading in six months. The partial closure of federal agencies for half the month pushed consumer expectations to a seven-month low.
Japan’s central bank kept its pledge to expand the monetary base by as much as 70 trillion yen ($69 billion) a year at its Nov. 21 meeting. Nineteen of 37 economists surveyed by Bloomberg said policy makers will add stimulus in the second quarter of 2014 after a planned increase in sales tax, with seven saying it will ease in the July-September period.
‘Key Driver’
The extra yield that U.S. 10-year Treasuries offer over similar-maturity Japanese bonds expanded to 2.19 percentage points on Nov. 20, the widest level since Sept. 12 based on closing prices. It was at 2.12 percent today.
“The yield differential is a key driver of dollar-yen,” Brian Daingerfield, a Stamford, Connecticut-based currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit, said in a phone interview. “The dollar, reacting positively towards the possibility of an earlier taper and yields moving higher, is pushing dollar-yen higher.”
Futures traders increased their bets that the yen will decline against the dollar to the most since July 2007, figures from the Washington-based Commodity Futures Trading Commission show.
The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain so-called net shorts was 112,216 on Nov. 19, compared with net shorts of 95,107 a week earlier.
German Confidence
The Ifo institute’s German business climate index, based on a survey of 7,000 executives, increased to 109.3 from 107.4 in October. That was the highest reading since April 2012. Economists surveyed by Bloomberg forecast a gain to 107.7.
“This should help the euro to go higher,” said Neil Jones, head of European hedge-fund sales at Mizuho Bank Ltd. in London, referring to the German report. “Data continues to encourage, which is indicative of an improving economic trend throughout the euro zone.”
The Bundesbank said this week that the German economy remains on a “solid growth path.” Investor confidence rose to the highest level in four years in November, unemployment remained near a two-decade low in October and factory orders climbed more than economists predicted in September.
The yen has tumbled 13 percent this year, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar strengthened 3.7 percent and the euro advanced 6.9 percent.
– BLOOMBERG
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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