…for the Offer, it received total bids of N1.9 trillion, making it the highest it has received in any on FGN Securities auction
TUE, FEB 20 2024-theGBJournal| A record N1.495 trillion was raised by the Debt Management Office (DMO) during its February 2024 bonds auction, the DMO revealed the unprecedented development today.
The government agency established to centrally coordinate the management of Nigeria’s debt, had last week, offered N1.25 trillion 7-year FGN Bond maturing in 2031 and another N1.25 trillion 10-year FGN Bond maturing in 2034.
According to the DMO, for the Offer, it received total bids of N1.9 trillion, making it the highest it has received in any on FGN Securities auction. At the close of the auction, a total of N873.53 billion was allotted for the 2031 FGN Bond and N621.38 billion for the 2034 FGN Bond, making a total allotment of N1.495 trillion.
”The relatively large amount on offer was based on the Federal Government financing needs, the opportunity to attract foreign investors, as well as, the premise that some local investors may be able to access pools of funds,” the DMO said.
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