Nigeria's October bond auction sees N1.75 trillion in bids

In October 2026, the Federal Government of Nigeria's bond auction garnered N1.75 trillion in subscriptions, with the Debt Management Office (DMO) allotting N1.21 trillion across three reopened bonds. The auction results, published on October 19, 2026, indicated that investors submitted bids for the February 2034, September 2036, and June 2038 bonds.

The September 2036 bond recorded the highest demand, attracting N925.35 billion against an offer of N800 billion. The DMO allotted N78.36 billion to the February 2034 bond, N781.31 billion to the September 2036 bond, and N350.72 billion to the June 2038 bond.

Successful bids were allotted at marginal rates of 16.99%, 17.29%, and 17.19%, respectively. The auction also included non-competitive allotments of N400 billion each for the February 2034 and September 2036 bonds, while no non-competitive allotment was recorded for the June 2038 bond.

The bonds offered fixed-income securities with maturities from February 2034 to June 2038, and the rates fell following the Central Bank of Nigeria's decision to cut the benchmark interest rate by 350bps to 23% on September 22.