The Federal Government of Nigeria has listed N4.214 billion of its April 2024 Savings Bonds on the Nigerian Exchange Ltd. (NGX) platform.
The listing was announced yesterday in a market bulletin by Head of NGX’s Issuers Regulation Department, Godstime Iwenekhai.
Iwenekhai indicated that the bond specifications included FGS April 2026 of 1.228 million units valued at N1.228 billion and a coupon rate of 17.046 percent.
According to him, FGS April 2027 amounting to 2.986 million units, was also listed and had a total value of N2.986 billion at 18.046 percent coupon rate.
The bonds, he added, as stipulated by the debt office, were charged against Nigeria’s general assets and supported by the Federal Government’s full confidence and credit.
He said: “Trading license holders are hereby notified that the April 2024 issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on NGX on May 13.
“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.”
In addition, Iwenekhai outlined how the Debt Management Office (DMO) on behalf of the federal government unveiled the retail savings bond product in 2017 with a view to ensuring the continuous development of the domestic market by democratising its activities in the bond market and making it accessible to Nigerians.
He said: “The product is also aimed at bridging the infrastructure deficit which has been a constraint to economic growth.