The Federal Government of Nigeria (FGN) bond auction held in March 2026 witnessed robust investor participation, with a 4.28 percent oversubscription, according to the Debt Management Office (DMO).
Total bids reached N931.5 billion for bonds valued at N750 billion. However, overall allotments declined by 7.4 percent to N485.49 billion, compared to N524.28 billion recorded in February.
Three instruments were made available during the exercise: 17.945% FGN AUG 2030 (5-year reopening) with N250 billion on offer; 17.95% FGN JUN 2032 (7-year reopening) at N200 billion; and 19.89% FGN MAY 2033 (9-year reopening) valued at N300 billion.
The 9-year MAY 2033 bond attracted the highest demand, drawing N462.21 billion in bids from 154 successful investors. It also received the largest share of allotments, totalling N332.71 billion. Meanwhile, the AUG 2030 bond secured N88.79 billion, while the JUN 2032 bond recorded N63.99 billion.
Clearing yields stood at 16 percent for AUG 2030, 16.15 percent for JUN 2032, and 16.64 percent for MAY 2033. Pricing ranges during the auction were 14.8 percent to 17 percent for AUG 2030, 15 percent to 17.95 percent for JUN 2032, and 14 percent to 19.89 percent for MAY 2033.
The outcome highlights increasing investor appetite for government securities, despite a reduction in allotments compared to previous months.