DMO raises FGN Savings Bond rates to 13.25%, 14.25% for November

The Debt Management Office (DMO) has opened its November 2026 Federal Government of Nigeria (FGN) Savings Bond offer, with the three-year instrument offering an interest rate of 14.25% per annum.

This was contained in the DMO’s offer circular for November issued on Monday.

The rate is higher than the 14.071% offered on the same tenor in October, reflecting an increase in the yields available to retail investors.

The November offer comprises two-year and three-year bonds, with subscriptions closing on November 6, 2026.

DMO raises November bond rates

For November, the DMO is offering a two-year FGN Savings Bond due on November 11, 2028, at 13.25% per annum and a three-year bond due on November 11, 2029, at 14.25% per annum.

• The offer opened on November 2, 2026, and will close on November 6.
• Settlement is scheduled for November 11, 2026.
• Interest will be paid quarterly on February 11, May 11, August 11 and November 11.
• Both 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, with the three-year instrument offering a higher annual return than the two-year bond.

Retail investors can subscribe from N5,000

The FGN Savings Bond is structured as a retail investment product, with each unit 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.
• The securities can be recognised as liquid assets for banks’ liquidity ratio calculations.
• The bonds are listed on the Nigerian Exchange Limited, while 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.

Savings bond allotments rise in 2026

The November offer comes amid an increase in FGN Savings Bond allotments during the first nine months of 2026.

• Allotments reached N47.25 billion between January and September 2026.
• This was N11.02 billion higher than the N36.23 billion allotted during the corresponding period of 2025, according to Nairametrics’ earlier report.
• The increase points to higher allotments in the retail government securities market despite changes in the interest rates offered during the year.
• The agency earlier unveiled about N4 trillion FGN Bond auction plan for the third quarter (Q3) of 2026.

Offer ranges widen significantly at this auction, with N600 billion to N800 billion available on both instruments.

The November issue gives investors another opportunity to earn fixed quarterly returns through a Federal Government-backed security, with the three-year bond offering the higher rate of the two available options.