The Federal Government of Nigeria (FGN) bond auction in March 2026 recorded robust investor demand, with bids exceeding supply by 4.28%, the Debt Management Office (DMO) disclosed on Tuesday.
Investors submitted N931.5 billion in bids for bonds valued at N750 billion, though total allotments fell 7.4% to N485.49 billion, down from N524.28 billion in February.
The auction featured three bond instruments:
17.945% FGN AUG 2030 (5-year reopening) – N250 billion offered
17.95% FGN JUN 2032 (7-year reopening) – N200 billion offered
19.89% FGN MAY 2033 (9-year reopening) – N300 billion offered
Investor interest was strongest for the 9-year MAY 2033 bond, which attracted N462.21 billion in bids from 154 successful applicants. The bulk of allotments went to this bond, totaling N332.71 billion. Meanwhile, the AUG 2030 bond received N88.79 billion, and the JUN 2032 bond got N63.99 billion.
Clearing yields for the auctioned bonds were:
AUG 2030: 16%
JUN 2032: 16.15%
MAY 2033: 16.64%
During the auction, the bonds were priced within these ranges:
AUG 2030: 14.8% – 17%
JUN 2032: 15% – 17.95%
MAY 2033: 14% – 19.89%
The results underscore growing investor appetite for Nigerian government debt, even as allotments tightened compared with previous months.
