April 22, (THEWILL) – The Nigerian Exchange Limited (NGX) has disclosed that the Federal Government has listed its April 2023 Savings Bonds worth ₦1.08bn on the nation’s bourse.
The NGX which disclosed this in its weekly report on activities on the exchange said he bonds include 436,012 units of ₦436,012,000.00 at 10.032 per cent interest rate and 643,204 units of ₦643,204,000.00 at 11.023 per cent interest.
While the former bond is for two years, the latter is for three years maturing April 2025 and April 2026, respectively.
According to the Debt Management Office, the bonds are priced at ₦1,000 per unit subject to a minimum subscription of N5,000 and in multiples of ₦1,000 thereafter, subject to a maximum subscription of ₦50,000,000.
As of Monday April 17, the DMO said that it had received 324 successful subscriptions for the two-year tenor bond and 280 for the three-year tenor bond.
FGN Savings Bond is issued on a monthly basis in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
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.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
