DMO Raises November FGN Savings Bond Rates to 13.25%, 14.25%

The Debt Management Office has opened its November 2026 Federal Government of Nigeria Savings Bond offer, with the two-year paper at 13.25% per annum and the three-year paper at 14.25% per annum. The offer opened on November 2, 2026 and closes on November 6, 2026.

Rates and timeline

The DMO issued the offer circular on Monday. The two-year bond is due on November 11, 2028. The three-year bond is due on November 11, 2029. Settlement is scheduled for November 11, 2026. Interest will be paid quarterly on February 11, May 11, August 11 and November 11.

The three-year rate of 14.25% is higher than the 14.071% offered on the same tenor in October. Both November rates are 0.179 percentage points higher than the corresponding rates offered in October. The bonds are backed by the full faith and credit of the Federal Government of Nigeria. The three-year instrument offers a higher annual return than the two-year bond.

Retail access

Each unit is priced at N1,000. Investors can subscribe from N5,000 and increase their holdings in multiples of N1,000, subject to a maximum subscription of N50 million. The principal will be repaid in full at maturity. The bonds qualify as eligible investments for trustees under the Trustee Investment Act and as government securities under relevant tax laws. They can also be recognised as liquid assets for banks’ liquidity ratio calculations. The bonds are listed on the Nigerian Exchange Limited. Subscriptions are made through stockbroking firms appointed by the DMO as distribution agents. The structure allows individual investors to access government-backed fixed-income securities with quarterly interest payments.

Allotments and auction plan

FGN Savings Bond allotments reached N47.25 billion between January and September 2026. This was N11.02 billion higher than the N36.23 billion allotted in the corresponding period of 2025. The increase points to higher allotments in the retail government securities market despite changes in the interest rates offered during the year.

The DMO earlier unveiled about N4 trillion FGN Bond auction plan for the third quarter of 2026. Offer ranges widened significantly at that auction, with N600 billion to N800 billion available on both instruments.

The November issue gives retail investors another chance to earn fixed quarterly returns from a Federal Government-backed security. The three-year option carries the higher rate of the two available tenors.