The DMO sells ₦5.06 billion of savings bonds in November, 17.4% less than in October, despite higher rates
Retail demand for the government's two- and three-year savings bonds fell even as the DMO raised both coupons.
Key findings
- November savings bond allotments fell 17.4% to ₦5.06 billion from ₦6.12 billion in October.
- The three-year bond took ₦4.31 billion and the two-year bond ₦746.01 million.
- Rates rose to 13.25% on the two-year bond and 14.25% on the three-year bond, from 13.071% and 14.071%.
- The CBN's one-year Treasury bill cleared at 15.89% on 11 November, above both savings bond rates.
- Allotments for January to September 2026 were ₦47.25 billion, about 30.4% more than a year earlier.
The Debt Management Office (DMO) allotted ₦5.06 billion of Federal Government of Nigeria Savings Bonds in its November 2026 offer, 17.4% less than the ₦6.12 billion it allotted in October, according to the DMO's results as reported by Nairametrics and The Guardian Nigeria. The offer opened on 2 November and settled on 11 November.
The three-year bond, maturing in November 2029, drew 2,390 subscriptions and an allotment of ₦4.31 billion, against 2,678 subscriptions and ₦5.11 billion for October's three-year bond. The two-year bond, maturing in November 2028, drew 968 subscriptions and ₦746.01 million, down from 1,261 subscriptions and ₦1.02 billion a month earlier.
The fall came although the DMO raised both rates. The two-year bond paid 13.25% a year, up from 13.071% in October, and the three-year bond 14.25%, up from 14.071%, Nairametrics reported. The Guardian Nigeria noted that the higher yields did not bring stronger participation.
- November allotment
- ₦5.06 billion
- Three-year rate
- 14.25%
- One-year Treasury bill stop rate
- 15.89%
Why it matters
Savings bonds are the government's retail borrowing channel, open to individuals in small amounts, so they are a gauge of how households weigh government paper against other savings. Dataminal's fixed income data show why the offer may have looked less attractive: at its 11 November auction the CBN's one-year Treasury bill cleared at 15.89%, above both savings bond rates, and money market funds that hold such bills keep drawing savers. The programme still grew this year. The DMO allotted ₦47.25 billion between January and September 2026, about 30.4% more than the ₦36.23 billion of the same months of 2025, Nairametrics reported.
What to watch
- The DMO's December savings bond rates and whether they move closer to Treasury bill rates.
- Retail subscriptions as bill and money market yields shift after the MPC's October cut.
- The DMO's FGN bond auction results for November.
Methodology
Savings bond allotments, subscriptions and rates are the DMO's figures as reported by Nairametrics and The Guardian Nigeria; the January to September totals are as Nairametrics reported them. The one-year Treasury bill stop rate is the CBN's 11 November 2026 auction result from Dataminal's fixed income data. A savings bond coupon and a Treasury bill's discount rate are not identical measures, so the comparison is indicative.