The Debt Management Office (DMO) opened an auction for the purchase of four Federal Government of Nigeria (FGN) Bonds worth N360 billion.
The first offer, according to the DMO, is a N90 billion (10-year reopening) February 2028 FGN Bond with a 13.98 percent annual interest rate.
The Bonds are reportedly being issued by the DMO at a price of N1,000 per unit with a minimum subscription of N50 million and in multiples of N1,000 after that.
It said that the bonds were secured by the general assets of Nigeria and backed by the full faith and credit of the Federal Government of Nigeria. For the purposes of calculating banks’ liquidity ratios, “all FGN Bonds qualify as liquid assets,” it said.