NIGERIA'S FIRST SAVINGS BOND LISTED

Yesterday March 29 Nigeria's first savibgs bond issyed by the Federal government was formaally listed on the Nigerian stock exchange.

The bond represents the first in series savings bonds planned to be issued monthly with two year tenor.

The series 1 quoted yesterday was issued to investing public between March13 and 17 this year and it grossed N2067.96m.

The listing on the NSE now opens a window through which any one who invested money can sell holding or buy new one as it becomes necessary since not everyone may be inclined to wait to 2019 to redeem their investment.

Series one was issued at a yearly interest rate of 13.01% which is payable quarterly.

Being a savings bond targeting the retail end of the market, investors can invest as low as N5000 and multiples of N1000 from then on subject to a maximum of N50m per investor.

Series 2 is on schedule to be issued by the Debt Management office (DMO) between April 3 and 7 this year. It will then be subsequently quoted on the NSE like Series 2.

At the listing ceremony yesterday were top officials of the DMO led by the Director General, Dr Abraham Nwankwo and the CEO of the NSE Mr Oscar Onyama supported by top executives.

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