DMO auction draws N1.73tn in bids; 2035–2038 stop rates fall to 17.15%–17.79%

On 17 August 2026 Nigeria’s Debt Management Office received N1.73 trillion in bids against N1.10 trillion on offer at a reopened FGN bond auction. Stop rates for the January 2035, April 2037 and June 2038 bonds fell to 17.15%, 17.19% and 17.79% respectively, easing long-end funding pressure though yields remain elevated.

Stronger demand and lower auction stop rates reduce immediate funding pressure at the long end of Nigeria’s local-currency curve, helping the DMO absorb planned supply under its Q3 programme. The move may temper secondary-market long-end yields if investor appetite persists, but elevated absolute yields mean the curve remains sensitive to any renewed fiscal financing needs or shifts in domestic liquidity.

Monitor the DMO’s September reopening under the Q3 issuance programme and subsequent stop rates/bid-to-cover outcomes.