DMO Offers FG Savings Bonds For Subscription At ₦1,000 Per Unit

Posted by Nwa Diokpa Business News, Latest Headlines Monday, December 4th, 2023

(AFRICAN EXAMINER) – The Debt Management Office (DMO), on Monday, offered two Federal Government of Nigeria (FGN) savings bonds for subscription at ₦1,000 per unit.

The first offer is a two-year FGN savings bond due on December 13, 2025, at an interest rate of 12.287% per annum. The second offer is a three-year FGN savings bond due on December 13, 2026, at an interest rate of 13.287% per annum.

The opening date for both offers is December 4 while the closing date is December 8, according to the DMO. The settlement date is December 13 while coupon payment dates are March 13, June 13, September 13 and December 13.

“They are offered at ₦1,000 per unit subject to a minimum subscription of ₦5,000 and in multiples of ₦1,000 thereafter subject to a maximum subscription of ₦50 million.

“Interest is payable quarterly, and the bullet repayment is made on maturity,” the DMO said.

The DMO gave the assurance that the bonds, like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees Investment Act,” it said.

NAN