Nigerian govt issues new savings bonds at 5.52%, 6.52% rates

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Naira loses as Nigerian govt adopts flexible exchange rate policy



The Debt Management Office (DMO) on Monday announced that it is now accepting applications for the Federal Government of Nigeria’s two-year savings bond at 5.52 per cent and three-year savings bond at 6.52 per cent interest rates per annum respectively.
According to the circular posted on the DMO website, the two-year bond will be due on April 14 2023 while the three-year bond will be due on April 14, 2023.
It said the settlement date would be April 14, 2021, while the coupon payment dates are; July 14, October 14, January 14, and April 14.
The maximum subscription is N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The savings bond issuance is expected to help finance the nation’s budget deficit.
It is also part of the federal government’s programme targeted at the lower-income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.
The circular said that the offer would close on April 9.
“Interested investors should contact the stockbroking firms appointed as distribution agents by the Debt Management Office,” the circular said.

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