Business

DMO To Auction N350bn FGN Bonds At N1,000/Unit

Published

3 months ago

April 23, 2025

Editor

The Debt Management Office (DMO) said it will re-open two federal government bonds for auction, valued at N350 billion, for subscriptions of N1,000 per unit.

DMO disclosed this today in a statement noting that the offers will be auctioned on April 28 and have their settlement date by April 30.

DMO also said that it is authorised to receive applications for bonds in two tranches, with the first being N200 billion for a five-year savings bond due to mature in April 2029, at 19.3 percent per annum.

According to the Office, the second tranche is N150 billion for a nine-year savings bond due to mature in May 2033, at an interest rate of 19.89 percent per annum.

It noted that transactions will be at N1,000 per unit, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.

DMO added: “For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument”

DMO also said the interest payment is payable semi-annually, with the redemption in a bullet payment on the maturity date and that the savings bonds qualify as securities, which trustees can invest under the Trustee Investment Act.

“Qualifies as Government securities within the meaning or Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PIA”) for Tax Exemption for pension funds amongst other investors.

“Listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange.

“All FGN Bonds qualify as liquid assets liquidity ratio calculation for banks.”

DMO explained that the FGN Bonds are backed by the full faith and credit of the federal government of Nigeria and are charged upon the general assets of Nigeria.

Business

NNPCL Increases Fuel Price

Published

17 hours ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

18 hours ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

4 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.