• Saturday, April 13, 2024
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FG to sell 3-year savings bond at higher interest rate of 18.04%

FG to sell 3-year savings bond at higher interest rate of 18.04%

…2-year bond at 17.04%

The Federal Government of Nigeria (FGN) through the Debt Management Office (DMO) has opened the sale of its Savings Bond to retail investors with the promise of a higher return than last month’s auction.

The government will sell a two-year savings bond at 17.04 percent per annum, higher than the 15.097 percent it went for in March.

Read also: DMO says no approvals yet to issue Eurobonds

The three year bond will be sold at 18.046 percent, also higher than the 16.097 percent it sold for last month.

According to the Debt Management Office (DMO), the minimum amount that can be invested in the Savings Bond is N5,000 while a maximum of N50 million can be invested.

The offer opened, Monday April 1 and the closing date is April 5 while settlement date is April 9, 2024.

The interest payment will be paid quarterly with coupon payment dates on July 9, October 9, January 9 and April 9.

The 2-yr Savings Bond would be due on April 9, 2026, while the 3-yr Savings Bond would be due April 9, 2027.

The Debt Management Office also noted that interested investors should contact appointed stock-broking firms.