The Federal Government of Nigeria has opened applications for a two-year and three-year FBN Savings bond at 9.413 per cent per cent and 10.413 per cent interest rates yearly.
The Debt Management Office (DMO), disclosed this on Monday, stating that the bond offer entitled ‘Federal Government of Nigeria Savings Bond’ opened August 1 and to close on August 5.
According to DMO, the settlement date will be August 10, while the coupon payment dates will be November 10, February 10, May 10, August 10.
DMO also stated that the two-year bond would be due on August 10, 2024 while the three-year bond on August 10, 2025.
“The units of sale will be 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,” the debt office said.
The savings bond issuance is expected to help finance Nigeria’s budget deficit as its total debt stock currently stood at N41.6 trillion.
Summary of the offer which qualifies as a liquid asset for liquidity ratio calculation for banks, is listed on the Nigerian Exchange Limited (NGX), DMO stated.
The FBN savings bond is part of the government’s programme targeted at the low income earners to encourage savings and also earn more interest, compared to their savings accounts with banks.
Interested investors are to contact the stockbroking firms appointed as distribution agents by the DMO.
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