The Federal Government of Nigeria bond auction in March 2026 recorded strong investor demand with a 4.28 per cent oversubscription, the Debt Management Office disclosed on Tuesday.

Investors bid N931.5 billion for bonds worth N750 billion, though total allotments fell 7.4 per cent to N485.49 billion, down from N524.28 billion in February.

Three instruments were offered during the auction: 17.945 per cent FGN AUG 2030 (5-year reopening) with N250 billion offered, 17.95 per cent FGN JUN 2032 (7-year reopening) with N200 billion offered, and 19.89 per cent FGN MAY 2033 (9-year reopening) with 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 also went to this bond, totaling N332.71 billion. The AUG 2030 bond received N88.79 billion while the JUN 2032 bond got N63.99 billion.

Clearing yields for the bonds were as follows: AUG 2030 at 16 per cent, JUN 2032 at 16.15 per cent, and MAY 2033 at 16.64 per cent. During the auction, the bonds were priced within these ranges: AUG 2030 between 14.8 per cent and 17 per cent, JUN 2032 between 15 per cent and 17.95 per cent, and MAY 2033 between 14 per cent and 19.89 per cent. The results reflect growing appetite among investors for Nigerian government debt, even as allotments tightened compared with previous months.