The Debt Management Office (DMO) has opened the subscription offer for May FGN savings bonds, priced at N1,000 per unit.
The two-year savings bond maturing on May 15, 2026, is to be offered at an interest rate of 17.407% per annum.
The three-year savings bond with a maturity date of May 15, 2027, features an interest rate of 18.407% per annum.
These interest rates represent the highest ever offered by the DMO on FGN Savings Bonds, as the country moves in the direction of a further rate hike.
The subscription for these bonds began on May 6, 2024, and will continue until May 10, 2024, as per an announcement made by the DMO. Settlement is scheduled for May 15, 2024, with quarterly coupon payment dates set for August 15, November 15, February 15, and May 15.
In recent months, Nigeria has witnessed a significant surge in interest rates on government securities, reaching as high as 19%.
The FGN Savings Bonds, primarily targeted at retail investors, have become a critical tool in the government’s debt strategy.
Tailored for retail investors, these FGN savings bonds assure quarterly interest payments along with the repayment of the principal amount upon maturity.
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