The Federal Government of Nigeria (FGN) has opened the sale of its Savings Bond to retail investors with the promise of a higher return than last month’s auction as an interest rate adjustment in West Africa’s biggest economy gathers pace.
The government will sell a two-year savings bond at 12.46 percent per annum, 139 basis points higher than the 11.07 percent it went for in October while the three year bond will be sold at 13.46 percent, also higher than the 12.07 percent it sold for last month.
According to the Debt Management Office (DMO), the minimum amount that can be invested in the Savings Bond is N5,000 while a maximum of N50 million can be invested.
The offer opened today, Monday November 6 and the closing date is November 10 while settlement date is November 15, 2023.
The interest payment will be paid quarterly with coupon payment dates on February 15, May 15, August 15 and November 15.
