DMO Says FGN Savings Bonds Received N45 Billion, Opens Portal For Bonds Subscription
- The Debt Management Office has announced that Nigeria's Savings Bond has received N45.135 billion in five years
- The Director General of the DMO, Patience Oniha, stated that the DMO had launched a portal for Nigerians to see the performance of the bond
- She said the portal was developed with Central Clearing System and had the best distribution agents
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The Debt Management Office (DMO) has stated that the Federal Government of Nigeria (FGN) Savings Bond has received a subscription of N45.135 billion from 2017 and 2022.
The Director General of DMO, Patience Oniha, disclosed this at the unveiling of and demo of the Securities subscription portal at a stakeholders meeting in Lagos.
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DMO presents portal for bonds subscription
According to Oniha, the FGN Savings Bond was designed to encourage retail investors and performed well across all the country's geo-political zones, according to available numbers.
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Reports say she stated the Savings Bond is a product the DMO introduced in March 2017 to enable investors to participate in the FGN securities and promote financial inclusion.
Per Oniha, the DMO arranged the stakeholders' meeting to review the performance of the bond and present the portal developed in partnership with the Central Clearing System (CSCS).
Oniha said:
"The DMO believes that the product has more potential than what has been achieved so far and has, for now, identified two ways to achieve much higher volumes and numbers of investors."
She stated that in 2022, the DMO embarked on an investor sensitization programme in all cities in Nigeria.
The portal has been tested with distribution agents for the FGN Savings Bond, adding that the presentation was to expose it to a larger group of stakeholders.
FG offers high interest-yielding savings bond for November 2022
Legit.ng reported that The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has announced the offer for a subscription to the November 2022 Federal Government Savings Bonds.
According to a circular by the DMO, there are two batches of issuances, the 2-year and 3-year savings bonds, with interest rates of 12.492 per cent and 13.492 per cent.
Reports say the interest rates increased from 11.382 per cent to 12.382 per cent in October for the 2-year and 3-year Savings Bonds.
Source: Legit.ng
