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The Debt Management Office (DMO) Nigeria is auctioning N600 billion today, Monday May 18, 2026, reopened Federal Government bonds, with elevated yield as high as 22.60%.

On behalf of the Federal Government of Nigeria, the agency is rolling out two previously issued instruments carrying coupon rates of 22.60% and 16.2499%, with settlement due May 20, 2026.

The bonds offer semi-annual interest payments and bullet repayment at maturity, positioning the sale as a strategic reopening across two key tenor buckets — 10-year and 20-year.

The N600 billion reopened bond auction facilitated by a consortium of Primary Dealer Market Makers (PDMMs) including Access Bank, Zenith Bank, Guaranty Trust Bank, and a host of others comprises two offers:

As re-openings, the coupon rates on both instruments are already fixed, meaning successful bidders will pay a price corresponding to the yield-to-maturity that clears the volume being auctioned, plus any accrued interest on the instrument.

Today’s auction marks the latest in a consistent run of bond re-openings the DMO has conducted since December 2025, underscoring the Federal Government’s heavy reliance on existing bond lines to consolidate domestic debt rather than introduce new instruments.

Today’s N600 billion offering — the fifth re-opening cycle since December 2025 — keeps the 22.60% tenor as the DMO’s anchor instrument, confirming it as the market’s dominant long-dated benchmark in Nigeria’s current high-rate borrowing environment.