The Federal Government of Nigeria has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
“Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on the Nigerian Exchange Limited (NGX) on May 13, 2024,” the bulletin said.
The bulletin stated that the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.
According to Nigeria’s debt office, the bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
It will be recalled that the retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit, which has been a constraint to economic growth.
GIK/APA
Nigerian Government lists N4.214bn April Savings Bonds on Nigerian bourse
