The Federal Government opened the application list for its monthly retail bond issuance, also known as the Federal Government of Nigeria Savings Bond. The savings bond was first issued in 2017, and the December 2022 issuance is the 66th tranche.
The two-year sovereign retail bond with a coupon of 12. 255 percent and a maturity date of December 16, 2024, is being offered by the government. Additionally, three-year FGNSBs with a coupon of 13. 255 percent and a maturity date of December 16, 2025 are being offered. The pro-low savers bonds have a minimum subscription requirement of N5,000 and a maximum subscription per subscriber cap of N50 million.
One of the FGNSB’s authorized distribution agents, GTI Securities Limited, explained that the savings bonds help to strengthen the nation’s savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.
GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.