FGN Bond Demand Hits N2.70 Trillion in February 2026

In February 2026, the demand for Federal Government of Nigeria (FGN) bonds surged to N2.70 trillion during the bond auction, despite a decline in yields. The Debt Management Office (DMO) noted that the total subscription for the auction significantly increased from N2.25 trillion in January, with a comparison of N800 billion offered across three reopened instruments.

The auction on February 23, 2026, included bonds maturing in June 2032, May 2033, and February 2034. The 7-year bond maturing in June 2032 recorded a subscription of N851.59 billion against an offer of N400 billion.

The DMO allotted N524.28 billion in February, comprising N188.14 billion for the 2032 bond, N208.63 billion for the 2033 bond, and N127.51 billion for the 2034 bond. The competitive allotment total for January was N1.54 trillion, indicating a month-on-month drop in competitive allotment by 66%.

The DMO maintained the original coupon rates for the instruments, reflecting a clear yield success without altering the coupon structure.