FG Demands BVN, NIN For $500m Bond Subscription

The Federal Government has announced that investors interested in subscribing to its latest financial instrument, a domestic dollar bond, must provide specific identification requirements.

According to a Frequently Asked Questions document provided by the Debt Management Office on its website, all Nigerian citizens, including those residing abroad, must possess a Bank Verification Number and a National Identification Number to subscribe to the bond.

“A BVN and NIN are required for subscription. Nigerians in diaspora can apply for both BVN and NIN if they don’t already have them,” the FAQ read.

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The bond, part of a broader $2bn program, aims to raise $500m from local and foreign investors in its first tranche. Eligible participants include Nigerians resident in Nigeria, those in the diaspora with foreign exchange savings abroad, and foreign institutional investors.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the $500m domestic dollar bond will enhance external reserves and help stabilize the foreign exchange situation in the country.

“The bond will be used to finance critical sectors of the Nigerian economy, as approved by the President on the recommendation of the Minister of Finance and Coordinating Minister of the Economy,” Edun said.