DMO announces March Bond at interest rate of 16.097 per cent

The Debt Management Office, DMO, has announced the subscription process for two-year and three-year Federal Government of Nigeria bonds for March 2024 with an annual interest rate of up to 16.097 per cent.

DMO disclosed this recently on its official website, noting that the subscription period is set to last for five days, running from March 4 to March 8, 2024.

A further analysis showed that the two-year Federal Government of Nigeria (FGN) savings bond, maturing on March 13, 2026, carries an annual interest rate of 15.097 per cent.

The three-year Federal Government of Nigeria (FGN) savings bond is set to mature on March 13, 2027.

It stated that Bond will open on March 4 and close on March 8, with the settlement date on March 13. Interest payments are scheduled for June 13, September 13, December 13, and March 13 each year.

“Under the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 DEBT MANAGEMENT OFFICE on behalf of the FEDERAL GOVERNMENT OF NIGERIA Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria saving bonds,” it said.

The DMO outlined the subscription units as “N1,000 per unit, subject to a minimum subscription of N5,000, and subsequent multiples of N1,000, with a maximum subscription limit of N50,000,000.”