The Federal Government of Nigeria (FGN), through the Debt Management Office (DMO) has opened the sale of its Savings Bond to retail investors with a lower return than last four months auctions.
The offer which opened Monday July 1, closes on July 5 and the settlement date is July 10, 2024.
The government sells a two-year savings bond at 16.67 per cent per annum, lower than the 17.41 per cent it went for in June 2024.
The three-year bond sells at 17.67 per cent, also lower than the 18.41 per cent it was sold for in June 2024.
These are the lowest returns offered on FGN savings bonds since March 2024
The interest payment will be paid quarterly with coupon payment dates on October 10, January 10, April 10, and July 10.
The 2-year Savings Bond would be due on July 10, 2026, while the 3-year Savings Bond would be due on July 10, 2027.
In March 2024, the government sold a two-year savings bond at 17.04 per cent per annum, which is higher than the returns offered this month by 2.17 per cent.
The three-year bond in March 2024 was also sold at 18.04 percent, higher than the offer for July 2024 by 2 percent.
According to the Debt Management Office (DMO), the minimum amount that can be invested in the Savings Bond is N5,000 while a maximum of N50 million can be invested.
The Debt Management Office also noted that interested investors should contact appointed stock-broking firms provided by the DMO.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
