Connect with us
Advertise With Us

BANKING AND FINANCE

FG Offers Savings Bonds At 10.7%, 11.7 % In March

Published

on


The Federal Government on Monday offered for subscription a two-year savings bond at 10.74 per cent and three-year savings bond at 11.74 per cent.

According to the Debt Management Office (DMO) website, the two-year savings bonds will be due in March 2020.

It said the three-year savings bond would be due in March 2021.
The Debt office, however, did not state how much was offered, but the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 in multiples of N1,000.

According to DMO, the bond is backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.

The News Agency of Nigeria (NAN) reports that 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 low-income earners to encourage savings and earn more interest on savings, compared to what was accrued on their bank savings.

The offer closes on Friday. (NAN)

 



Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]





Which party would you vote for President in the 2019 general election?

View Results

Loading ... Loading ...


Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments
Advertisement

Sign up for our newsletter

Advertisement

MOST POPULAR

Pin It on Pinterest

Share This

Share this post with your friends!