DMO offers FG Savings Bond at N1,000 per unit

The Debt Management Office (DMO) has announced an offering for the Federal Government of Nigeria (FGN) Savings Bond at N1,000 per unit.

This is according to a circular posted on its website on Monday.

The circular noted that the FGN Savings Bond offer by the Agency is on behalf of the Federal Government, targeted at retail investors with a guaranteed interest payment.

DMO also stated that the two-year FGN Savings Bond will be due for redemption on August 11, 2023 at 8.864 per cent per annum, while the three-year offer will be due on August 11, 2024 at 9.864 per cent per annum.

The offer opened on Monday, with a closing date of August 6.

While the settlement date is August 11, the bonds have coupon dates of November 11, February 11, May 11, and August 11, according to the circular.

The units of sale are N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.

The interest rate is payable quarterly with bullet repayment expected on the maturity date.

The DMO also assured that the offer is backed by the full faith and credit of the federal government of Nigeria and charged upon the general assets of Nigeria.