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Nigeria Sets 10-Year Bond Rate at 16.79 Percent

By Markets Desk · 2026-09-14 · 1 min read
A neat stack of physical currency notes sits beside a classical government building facade.
Illustration: Tradingbird

The Debt Management Office priced a new 10-year note at a spot rate of 16.79 percent. This rate anchors the cost of borrowing for the new instrument. The auction took place in the primary market. Investors participated in both new and reopened issues.

Nigeria's Debt Management Office priced a new 10-year bond at a spot rate of 16.79 percent. The agency raised N288.83 billion from this specific issue. This transaction occurred during the September 2026 primary market auction. The new instrument adds to the local debt stack. It targets long-term funding needs.

The DMO offered N400 billion of the new 10-year bond. Investors submitted N546.90 billion in total bids for this tranche. Demand exceeded the offer by N146.90 billion. The DMO under-allotted the issue. It rejected a portion of the total subscriptions. The final allotment stood at N288.83 billion.

Combined Funding Totals Reach N748 Billion

Total proceeds from the auction reached N748.64 billion. This figure combines the new 10-year bond and a 15-year reopening. The DMO offered N1 trillion across both instruments. The 15-year reopening had an offer size of N600 billion. The new 10-year bond made up the remaining N400 billion.

The 15-year bond priced at a spot rate of 16.85 percent. This rate is lower than the 17.79 percent from the previous auction. Investors bid N947.83 billion for the reopened instrument. The DMO allotted N460.01 billion to subscribers. The agency turned down more than half of the bids.

Market Reaction To Yield Movement

The 10-year yield set at 16.79 percent. The 15-year yield set at 16.85 percent. Both rates reflect current market conditions. The 15-year rate decreased from the last auction. The 10-year rate establishes a new benchmark. These figures guide future borrowing costs for the government.

The auction results show strong demand for local debt. Subscriptions exceeded offers for both tranches. The DMO managed the final allotment size. Investors accepted the set rates. The transaction completes the September funding round. Data on this event is available through GN auto markets.

Based on reporting by MarketForces Africa, compiled by the Tradingbird desk.

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