The Federal Government has listed its April 2023 savings bonds worth $1.08 billion on the country’s bourse, according to the Nigerian Exchange Limited (NGX).
The NGX said in its weekly report on exchange activity that the bonds include 436,012 units of 436,012,000.00 at a 10.032 percent interest rate and 643,204 units of 643,204,000.00 at an 11.023 percent interest rate.
The former bond has a two-year maturity date, while the latter has a three-year maturity date, with maturities in April 2025 and April 2026, respectively.
The Debt Management Office said the bonds are priced at N1,000 per unit, with a minimum subscription of N5,000, and subsequent subscriptions in multiples of N1,000, with a maximum subscription of N50,000,000.
The DMO reported 324 successful subscriptions for the two-year tenor bond and 280 for the three-year tenor bond as of Monday, April 17.
Every month, the FGN Savings Bond is issued in tenors of two and three years, with quarterly payments of coupons (interest) at a rate predetermined and published by the DMO.
The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.
Author
