Home Business Capital FG offers two savings bonds at 11.36%, 12.36% for September
Capital

FG offers two savings bonds at 11.36%, 12.36% for September

Share
Share

The Federal Government has offered for subscription two-year savings bond at 11.36 per cent and three-year savings bond at 12.36 per cent, the Debt Management Office (DMO) has said.

According to the offer circular obtained from the DMO website on Tuesday, the two-year bond will be due in September 2020 while the three-year bond will be due in September 2021.

It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.

The website said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.

The savings bond issuance is expected to help finance the nation’s budget deficit.

It is also part of Federal Government’s programme targetted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.

The circular also said that the offer would close on Friday.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Stanbic IBTC Asset Management Launches Anti-Scam Campaign To Protect Mutual Fund Holders

Stanbic IBTC Asset Management has implemented strong measures to safeguard its customers...

MTN Nigeria Raises N75.18Bn Via Commercial Paper Issuance

MTN Nigeria Communications Plc has announced the successful completion of its Series...

Stanbic IBTC Clinches Multiple Awards At The 2024 FMDQ Gold Awards

Stanbic IBTC Clinches Multiple Awards At The 2024 FMDQ Gold Awards  ...

Access Holdings Reports 82.8% Growth In Q3 PAT To ₦457.7 billion

*As Total Assets Hit To ₦41.1 Trillion   Access Holdings Plc, one...