FG mandates BVN, NIN for domestic Dollar bond investors

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The Federal Government has imposed strict identification requirements for investors seeking to participate in its newly launched domestic dollar bond.

In a frequently asked questions document released by the Debt Management Office (DMO), the government stipulated that all Nigerian citizens, both domestic and foreign residents, must possess a Bank Verification Number (BVN) and a National Identification Number (NIN) to subscribe to the bond.

The domestic dollar bond, part of a larger $2 billion program, is being issued domestically to raise $500 million from local and foreign investors. Eligible participants include Nigerians residing in Nigeria, those living abroad with foreign exchange savings, and foreign institutional investors.

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The FAQ read in part, “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 DMO emphasized that cash payments are not accepted for bond subscriptions. All payments must be made electronically through designated bank accounts.

Additionally, investors intending to use funds from their domiciliary accounts are required to have held the funds for at least 30 days prior to the application date.

Tags: Dollar Bond, CBN, Wale Edun, Finance, BVN, NIN, FIRS, Bola Tinubu