Nigeria's DMO Allots N1.54 Trillion in January Bond Auction, Overshooting Initial Offer

The Debt Management Office (DMO) of Nigeria allocated a total of N1.54 trillion in a January 2026 bond auction, exceeding the initial N900 billion offer. The auction, held on January 26, 2026, involved the reopening of three existing Federal Government of Nigeria (FGN) bond instruments.

Strong investor demand across maturities led to a total subscription above the offer size, showcasing the continued attractiveness of FGN bonds despite the high-interest rate environment. Notably, the auction recorded significant oversubscription for longer-dated instruments, with robust interest even within a wide bid range of 18-50 per cent.

The successful bids for the three bonds settled within a narrow margin rate of 17.50-17.62, maintaining the original coupon rates of 18.50%, 19.00%, and 22.60% throughout the life of the respective bonds.