Nigeria targets N450bn from bond auction

The Federal Government is targeting at least N450 billion through its latest bond offer for June 2024.

The Debt Management Office (DMO) disclosed this in a statement on Thursday in Abuja.

The agency has since announced a new date for the auction.

The bond offer will be conducted by auction and comprises three different re-openings, each with distinct maturity dates and interest rates.

READ ALSO: Nigeria’s debt hit N121tr in Q1 2024 – DMO

The bond auction was initially scheduled for June 17 but was moved to June 24 due to the Sallah holiday.

The settlement date remains June 26.

The minimum subscription requirement is N50,001,000, and subsequent bids must be in multiples of N1,000.

This offer is pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004, providing a legal framework for the bond issuance.

By: Babajide Okeowo

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