DMO Allocates N2.2 Trillion in October Bond Auction

On October 19, 2026, the Debt Management Office (DMO) allotted N1.22 trillion at the Federal Government of Nigeria (FGN) bond auction, which is approximately 63.5% more than the N748.64 billion allotted in September. The DMO also made N800 billion in non-competitive allotments, split equally between the February 2034 and September 2036 bonds, bringing total allotments to N2.02 trillion.

The auction results indicated that the DMO accepted higher yields on the 10-year and 15-year bonds, with the stop rates on the September 2036 and June 2038 bonds rising by 50 basis points and 34 basis points to 17.29% and 17.19%, respectively. The February 2034 bond settled at 16.99%.

The October auction attracted 443 bids, with 274 successful bids, compared to 441 bids and 204 successful bids in September. Total subscriptions increased by about 17% from N1.49 trillion in the previous auction.

The DMO's approach suggests a willingness to pay higher rates to secure bond funding after a period of declining rates.