Two Federal Government of Nigeria (FGN) savings bonds were made available for subscription on Monday by the Debt Management Office (DMO) at a price of N1,000 each.
The initial offering is a two-year FGN savings bond with an interest rate of 12.287 percent per year that is due on December 13, 2025. A three-year FGN savings bond with an interest rate of 13.287 percent per year is being offered as the second option. It is due on December 13, 2026.
According to the DMO, the starting date for both offers is December 4 and the closure date is December 8. The coupon payment dates are March 13, June 13, September 13, and December 13, and the settlement date is December 13.
“They are offered at 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 million. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
“Interest is payable quarterly, and the bullet repayment is made on maturity,” the DMO said.
The DMO gave the assurance that the bonds, like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustees Investment Act,” it said.
