The Debt Management Office (DMO) has announced two offerings of FGN bonds
The bonds will reportedly open on Monday, November 6, 2023, and close on November 10, 2023, and will be sold at N1,000 per unit
The DMO said the interest rates on the bonds are 12.4% and 13.5% respectively
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The Debt Management Office (DMO) has announced an offering for two-year and three-year Federal Government of Nigeria FGN Savings Bonds.
According to a statement by the DMO on Monday, November 6, 2023, the bond will close by November 10, 2023, at N1,000 per unit.
FGN Bonds, Savings Bonds
President Bola Tinubu’s government offers two Savings bonds and invites Nigerians to apply
The offer is a two-year savings bond maturing in 2024 and 2025
The DMO stated that the first offer is a two-year FGN savings bond due November 15, 2025, at an interest rate of 12.464% per annum.
The second issuance is a three-year savings bond maturing on November 15, 2026, at 13.464% per annum interest rate.
The agency stated that the coupon payment dates are November 15, 2023, February 15, May 15, August 15, and November 15, 2024.
DMO stated that the bonds are offered at N1,000 per unit subject to a maximum subscription of N5,000 and in multiples of N1,000 after and subject to a full subscription of N50 million.
The interest rate is payable quarterly, and the principal repayment is made on maturity.
The DMO revealed that the latest offers have a settlement date of November 15, 2023.
FG’s assets guarantee bonds
It said that FGN savings bonds were backed by the full authority and credit of the Federal Government of Nigeria and charged upon the general assets of the country.
The bonds qualify as securities trustees can invest under the Trustee Investment Act.
Per the agency, the savings bonds are listed on the Nigerian Exchange Limited (NGX) as liquid assets for a bank ratio calculation.
In October this year, the Nigerian government announced two-year and three-year savings bonds, which opened on October 03, 2023, and closed on October 06, 2023, Legit.ng reported.
The debt office also said the bonds come with an interest rate of up to 12 per cent, and subscriptions will be open for four days.
The DMO also said the bonds will mature on October 11, 2025, and October 11, 2026, for the two-year and three-year bonds, respectively.
“Save and Make Money”: NGX invites Nigerians to invest in FG’s bonds; subscriptions start from N5k only
Legit.ng earlier reported that the federal government has listed two additional FGN Savings Bonds on the Nigerian Exchange Limited (NGX) trading platform.
This was disclosed in a notice by NGX Head of Listings Regulation Department, Godstime Iwenekhai.
According to the notice, the savings bonds issued to investors were admitted on the Exchange on Thursday, 31 August 2023…..CONTINUE.FULL.READING>>>
