There are expectations in the money market that given the Central Bank of Nigeria’s management of system liquidity, rates will trade at a similar band(flat) this week despite maturing Treasury-bills and Open Market Operation (OMO) instruments worth ₦56.7 billion and ₦89.0 million respectively.
As a result of the tight system liquidity towards the end of the week, dealers said the CBN did not conduct any auction last week.
In a related development, the Debt Management Office (DMO) has announced resumption of its Federal Government of Nigeria (FGN) Savings Bond Offer with effect from August 10, 2020.
This disclosure was made in a press statement by the Debt Management Office to the general public.
The DMO was earlier forced to suspend the monthly offers of the FGN Savings Bond in April 2020, due to the lockdown and restrictions placed on social and economic activities as part of measures implemented by government to contain the spread of the Coronavirus pandemic.
The DMO said it wishes to announce the resumption of its offer of the federal government of Nigeria savings bond (FGN savings bond) effective August 2020.
“The DMO was constrained to suspend the monthly offers of the FGN savings bond in April 2020 due to the restrictions on activities and movement as part of measures adopted by the government to curtail the spread of COVID-19.
“The offer for subscription will open on Monday, August 10, 2020 and close on Friday, August 14, 2020,” the statement noted.
It also encouraged investors to continue to save through the FGN Savings Bond. This is because FGN Savings Bonds attract good returns and is secure, being a Sovereign instrument. They also contribute to national development.
It should be recalled that on April 4, 2020, the FGN Savings Bond offer by DMO which was scheduled for April 6 –April 10 was suspended, due to the restrictions caused by the coronavirus pandemic.
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