The Federal Government has stated that those seeking to invest in its latest financial instrument must give specific identification requirements to be a part of the exercise.

The government made this known in a Frequently Asked Questions (FAQs) document provided by the Debt Management Office (DMO).

According to the FAQ, all Nigerians, including those in the diaspora, must have a Bank Verification Number (BVN) and a National Identification Number (NIN) to subscribe to the domestic dollar bond, issued on Monday, August 19, 2024.

The bond is part of a broader $2 billion initiative issued locally as the government seeks $500 million from local and foreign investors in the first part.

Qualified participants include Nigerians living in the country, Nigerians abroad with foreign currency savings abroad, and foreign institutional investors.

The DMO document reads: “A BVN and NIN are required for subscription. Nigerians in diaspora can apply for BVN and NIN if they don’t already have them.”

The DMO's FAQ also disclosed that subscriptions to the Domestic Dollar Bond cannot be made in cash.

The DMO said all payments must be made via electronic transfers into approved accounts. It also said that subscriptions to the bond can be made electronically or via financial institutions.

Bank balances in domiciliary accounts intended for the bond must have been in those accounts for at least 30 days before the application date.

The bonds would finance essential sectors of the Nigerian economy based on the approval of the President or the Minister of Finance, reports say.