RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

DMO offers June 2022 FGN savings bond for subscription

Rate Captain by Rate Captain
June 7, 2022
in Banking, Economics
Reading Time: 2 mins read
A A
0
DMO offers June 2022 FGN savings bond for subscription
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the June 2022 Federal Government Savings Bond to investors.

This disclosure is contained in a circular issued by the DMO and can be seen on its website, noting that there are 2-year and 3-year savings bonds.

AlsoRead

Banks Brace for ₦2.86 Trillion Liquidity Boost as OMO Bills and FAAC Payouts Approach

JPMorgan Deposits ₦50 Billion with CBN in Bid for Merchant Banking Licence

Bank Lending to Manufacturers Drops 26.8% to N5.19 Trillion, CBN Data Show

A breakdown of the bonds show that the 2-year FGN savings bond will be due on June 15, 2024, at 8.205% per annum and the 3-year FGN Savings Bond which will be due on June 15, 2025, at 9.205%  per annum.

Highlights

  • Opening Date – June 6, 2021
  • Closing Date – June 10, 2021
  • Settlement Date – June  15, 2021
  • Coupon Payment Dates –September 15, December 15, March 15, June 15
  • UNITS OF SALE: 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.

The Bond Qualifies as securities in which trustees can invest under the Trustee Investment Act.

It also qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.

  • A month-on-month comparison shows that the rates for the two tranches increase slightly, compared to the  5.522% and 6.522% offered for the 2-year FGN savings bond due April 2023, and 3-year FGN Savings bond due April 2024, respectively.
  • The interest rate for the latest offer is higher than the offer announced in the previous month. This could be a move to attract more investors to subscribe to the securities.
  • The increase in FGN bond interest rates is following the hawkish move of the CBN in raising the monetary policy rate (MPR) by 150 basis points in May 2022 to 13%. The interest rate hike has also reflected in the domestic debt market, given the 47% oversubscription of the CBN treasury bill last month after the apex bank increased stop rates to as high as 6.49%.
  • This is evidently seen in the equities market as investors sell-off their shares in order to buy into less risky assets, amid high bond yields.
  • The FGN Savings Bond is an investment product issued through the Debt Management Office (DMO) on behalf of the Federal Government.
Previous Post

Subsidy hits 45% of fuel import bill in Q1 – NBS report

Next Post

Binance Under SEC Investigation Over its 2017 ICO Listing

Related News

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Banks Brace for ₦2.86 Trillion Liquidity Boost as OMO Bills and FAAC Payouts Approach

by Jide Omodele
October 26, 2026
0

Nigeria’s banking system is set to receive an estimated ₦2.858 trillion in fresh liquidity this week, driven largely by maturing...

JP Morgan Projects Naira to Appreciate and Settle at N600/$.

JPMorgan Deposits ₦50 Billion with CBN in Bid for Merchant Banking Licence

by Jide Omodele
October 21, 2026
0

JPMorgan Chase has placed ₦50 billion (about $38 million) with the Central Bank of Nigeria as part of its application...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Bank Lending to Manufacturers Drops 26.8% to N5.19 Trillion, CBN Data Show

by Victoria Attah
October 19, 2026
0

Outstanding bank credit to Nigeria’s manufacturing sector fell 26.8 per cent year-on-year to N5.19 trillion in June 2026, according to...

JP Morgan Predicts Naira at N850/$ by Year-End

JP Morgan and Absa Eye Nigerian Merchant Banking Licences as Reserves Reach $55 Billion

by Jide Omodele
October 12, 2026
0

JP Morgan intends to launch merchant banking operations in Nigeria before the end of 2026, pending regulatory approval, while South...

Next Post
Binance Under SEC Investigation Over its 2017 ICO Listing

Binance Under SEC Investigation Over its 2017 ICO Listing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Petrol Hits ₦1,370 in Lagos as Depot Price Hikes Feed Through to Pumps

November 6, 2026
Oil Marketers Dismiss Claims of Dangote Refinery Selling Fuel in Dollars

Dangote Refinery Shares Could Start Trading on December 8 After ₦2.15 Trillion IPO

November 5, 2026

Popular Story

  • NNPCL Reports Record Profit of N2.548tn, Uncovers 52 Illegal Refineries

    NNPC Remits ₦11.14 Trillion to Federation Account as Nine-Month Revenue Falls 28%

    0 shares
    Share 0 Tweet 0
  • NGX All-Share Index Edges Up 0.19% to 254,762.81 Points

    0 shares
    Share 0 Tweet 0
  • Naira Touches ₦1,349.50 as Reserves Slip and FX Turnover Falls 15%

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Shares Could Start Trading on December 8 After ₦2.15 Trillion IPO

    0 shares
    Share 0 Tweet 0
  • Petrol Hits ₦1,370 in Lagos as Depot Price Hikes Feed Through to Pumps

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>