TheCable

The Debt Management Office (DMO) has announced the offering for subscription the 2 and 3 years federal government of Nigeria (FGN) savings bond for April 2021.

The FGN savings bond offer, issued by the DMO on behalf of the federal government, is tailored and targeted at retail investors with guaranteed quarterly interest payment and repayment of the principal at maturity.

In a statement by the DMO on Monday, the FGN savings bond for April 2021 opens on Tuesday and closes on April 9, 2021.

It said the 2-year FGN savings bond is due on April 14, 2023, with an interest rate of 5.522 percent per annum, while the 3-year bond is due on April 14, 2024 with an interest rate of 6.522 percent per annum.

Each bonds are subject to a minimum subscription of N5,000 in multiples of N1,000 thereafter, and subject to a maximum of N50 Million.

According to the statement, the settlement date is fixed on April 14, 2021, while the coupon payment dates are July 14, October 14, January 14, and April 14.

DMO assured that the bonds are backed by the “full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.”

It urged interested investors to contact the stockbroking firms appointed as distribution agents by DMO.

Similarly, DMO has opened March 2021 FGN savings bond offer for subscription for 2-year and 3-year, with interest rates of 5.181 percent and 6.181 percent per annum respectively.