DMO to issue May FGN Savings Bond at 17.4% and 18.4%, highest rates ever - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Monday 6 May 2024

DMO to issue May FGN Savings Bond at 17.4% and 18.4%, highest rates ever

DMO to issue May FGN Savings Bond at 17.4% and 18.4%, highest rates ever

The Debt Management Office (DMO) has opened the subscription offer for May FGN savings bonds, priced at N1,000 per unit.

The two-year savings bond maturing on May 15, 2026, is to be offered at an interest rate of 17.407% per annum. The three-year savings bond with a maturity date of May 15, 2027, features an interest rate of 18.407% per annum.

These interest rates represent the highest rates ever offered by the DMO on FGN Savings Bonds, as the country moves in the direction of a further rate hike.

The subscription for these bonds began on May 6, 2024, and will continue until May 10, 2024, as per an announcement made by the DMO. Settlement is scheduled for May 15, 2024, with quarterly coupon payment dates set for August 15, November 15, February 15, and May 15.

What you should know

Tailored for retail investors, these FGN savings bonds assure quarterly interest payments along with the repayment of the principal amount upon maturity.

Saving bonds are offered at N1,000 per unit, with a minimum subscription of N5,000 and multiples of N1,000 thereafter, up to a maximum subscription of N50 million.

These savings bonds, like other government securities, are backed by the full faith and credit of the federal government and charged upon the general assets of Nigeria. They also qualify as securities in which trustees can invest under the Trustees Investment Act.

Moreover, they qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption and pension funds, among other investors. Additionally, the bonds are listed on the Nigerian Exchange Limited (NGX) and qualify as a liquid asset for liquidity ratio calculation for banks.

READ ALSO:  Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024 

Source: Nairametrics Media

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