“N1,000 per Unit”: DMO invites Nigerians to Subscribe to Two Savings Bonds
- The Nigerian government, via the Debt Management Office (DMO), has opened offers for subscriptions for FGN bonds
- The interest rate for the two-year tenure stands at 9.634% per annum, while the three-year term stands at 10.634% annually.
- The DMO said the offer will last for four days, from August 7 through 11, 2023
The Debt Management Office (DMO) has opened offers for subscriptions for a two-year and three-year tenure.
The DMO disclosed this on its website on Tuesday, August 7, 2023.
Source: Getty Images
DMO says offer will last for four days
The DMO said in the statement that the offer will last for four days, between August 7 and 11, 2023, and are due on August 26, 2025, for the two-year bonds and August 16, 2026, for the three-year bonds.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
According to the statement, the subscription offer will last for four days- between the 7th and 11th of August, 2023. The bonds are due on August 26, 2025, for the two-year bonds and August 16, 2026, for the three-year bonds.
DMO statement reads:
Nigerians can subscribe with as little as N1,000
The interest rate for the two-year tenure stands at 9.634% per annum, while the three-year term stands at 10.634% annually.
The statement also provides the settlement date for the offers on August 16, and coupon payment dates are November 16, February 16, May 16, and August 16. Interests on the bonds are paid quarterly.
The DMO said the subscription units are N1,000 per unit to the maximum subscription of N5,000 and in multiples of N1,000 after that, subject to a full subscription of N50,000.
It said the federal government of Nigeria backs the bonds.
Tinubu's government invites Nigerians to buy bonds, invest in infrastructure with N1,000
Legit.ng reported that the Debt Management Office (DMO) has announced two Federal Government of Nigeria (FGN) saving bonds for a subscription at N1,000 per unit.
According to a statement by DMO, the offer opens on June 3, 2023, and closes by June 9, 2023.
The DMO stated that the first offer is a two-year FGN savings bond due on June 14, 2025, at an interest rate of 11.301%
Source: Legit.ng
