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DMO Opens Subscription For February Savings Bond

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The Debt Management Office (DMO) on behalf of the federal government has opened the offer for subscription for the two year and three year FGN savings bond due for February 13, 2021 and February 13, 2022 respectively.

According to the DMO, the savings bond is open to interested applicants with an interest rate of 12.05 per cent and 13.05 per cent on the two year and three year. The applicants are subjected to a minimum subscription of N5000 per N1000 per unit and in multiples of N1000, thereafter subject to a maximum subscription of N50,000,000.

The interest is payable quarterly with a bullet repayment on the maturity date. The FGNSB is set to close on February 8, 2019, with the settlement date slated for February 13, 2019. Coupon payment dates is also slated for May 13, August 13, November 13 and February 13.

From the FGNSB January allotment the federal government was able to make a total allotment N21.731 million and N414.519 million through the 12.125 per cent (FGNSB JAN 2022) two year bond and 13.125 per cent (FGNSB JAN 2022) from 123 and 260 subscriptions respectively.

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