The Debt Management Office (DMO) of Nigeria, on behalf of the federal government of Nigeria, has announced savings bonds for July 2024.
According to a statement by the DMO, the offer, which opened on Monday, July 1, will close on July 5, 2024, with a settlement date of July 10, 2027.
The debt office also said the bonds come with an interest rate of up to 16.67% per annum for the two-year savings bond, while the three-year bond comes with an interest rate of 17.67%.
DMO explains that the interest payment will be paid quarterly with coupon payment dates on October 10, January 10, April 10, and July 10.
The two-yearr savings bond would be due on July 10, 2026, while the 3-year- savings bond would be due on July 10, 2027.
The DMO statement on its website reads:
The Federal Government of Nigeria (FGN) Savings Bond helps to enhance the savings culture among Nigerians.
It also provides all citizens, irrespective of income level, an opportunity to contribute to national development and get comparativelyâ favourable returns available in the capital market.
To invest, contact your stockbroker or visit www.dmo.gov.ng for the list of distribution agents.
TimesNow.com.ng earlier reported that the International Monetary Fund (IMF) asked the CBN to settle the overdue FX backlog to rebuild trust in the apex bank and the naira.
The organisation disclosed this in its recent executive board post-financing assessment with Nigeria report.
The IMF insisted that paying the CBN’s dollar obligations would rebuild confidence in the bank and the Nigerian currency.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
