In a statement it issued on Monday in Abuja, the DMO said the offers, at N1,000 per unit, had opened on Monday, Sept. 2 and would close on Sept. 6, 2024.

According to the DMO, while the settlement date is Sept. 11, coupon payment dates are Dec. 11, March 11, June 11, and Sept. 11. It explained that the first offer is a two-year FGN savings bond due on Sept. 11, 2026 at an interest rate of 17, 202 percent per annum. The second is a three-year savings bond maturing on September 11, 2027, at 18.202 percent per annum interest rate.

The statement added: “They are issued N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000,” DMO said. “Interest is payable quarterly, w hile bullet repayment (principal sum) is on the maturity date.” The DMO said the savings bonds are backed by the full faith and credit of the federal government of Nigeria (FGN), and chargeable on the country’s general assets. “They qualify as securities in which trustees can invest under the Trustees Investment Act.”