DMO opens two-year bonds at 12.46% interest rate

The Debt Management Office has opened the sale of its savings bond to retail investors with the promise of a higher return than last month’s auction as interest rate adjustments in West Africa’s biggest economy gather pace.

DMO disclosed this in a notice on Monday, noting that the minimum amount to be invested in the savings bond is N5,000, while a maximum of N50 million can be invested.

The offer represents 139 basis points higher than the 11.07 per cent it went for in October, while the three-year bond will be sold at 13.46 per cent, also higher than the 12.07 per cent it sold for last month.

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The government fixed the closing date for November 10, while the settlement date is November 15, 2023.

It added that interest will be paid quarterly with coupon payment dates of February 15, May 15, August 15, and November 15.

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