Nigeria to Raise N800 Billion in February Bond Auction

The Debt Management Office (DMO) of Nigeria has announced plans to raise N800 billion through a bond auction scheduled for February 23, 2026, with settlement on February 25, 2026. This amount represents a sharp increase of N450 billion (128.6%) compared to the same period last year.

The auction will consist of N400 billion in a 7-year bond maturing in June 2032 at a coupon rate of 17.95%, N300 billion in a 10-year bond maturing in May 2033 at 19.89%, and N100 billion in another 10-year bond maturing in February 2034 at 19.00%. The DMO's strategy indicates a continued reliance on the domestic debt market despite elevated borrowing costs.

The February 2026 issuance marks a shift from the previous year's offerings, which included a 5-year instrument. The current high-interest rate environment has kept overall borrowing costs close to 19%, reflecting ongoing monetary policy constraints.