DMO Begins Sale of FGN Savings Bond for July

By Modupe Gbadeyanka

The Debt Management Office (DMO) has commenced the sale of Federal Government of Nigeria (FGN) Savings Bond for the month of July.

The FGN Savings Bond, introduced in March 2017, is a safe and rick-free bond backed by the full faith and credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders.

Every month, the debt office, on behalf of the Nigerian government, give Nigerians the opportunity to subscribe for the bond.

For the month of July 2018, the DMO has opened offer for the bond.

The subscription period for the savings bond opened on Monday, July 2, 2018 and will end by 12 noon of Friday, July 6, 2018.

The FGN savings bonds will have most of the features of the existing FGN Bond plus other features/benefits to the bondholder.

Business Post reports that the debt office is offering the 2 -Year FGN Savings Bond due July 11, 2020 at 10.483 percent per annum and the 3-Year FGN Savings Bond due July 11, 2021 at 11.483 percent per annum.