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Nigerian Bond Market

FGN local bonds, USD Eurobonds, Sovereign Sukuk, and corporate bonds listed on the NGX, plus the latest CBN Treasury Bill auction yields. Live market intelligence updated daily.

91-day T-Bill
15.95%
As of May 20, 2026
182-day T-Bill
16.14%
As of May 20, 2026
364-day T-Bill
16.15%
As of May 20, 2026

Recent T-Bill Auctions

CBN primary market — stop rate is the cut-off yield at which bids are filled.
AuctionTenorStop RateOffered (₦m)SubscriptionAllotted (₦m)
May 20, 2026364-day16.15%500,000367.8%683,289
May 20, 202691-day15.95%100,00068.6%67,446,041
May 20, 2026182-day16.14%50,000162.1%78,590
May 6, 202691-day15.95%100,00071.2%63,580
May 6, 2026182-day16.14%50,000210.7%67,677
May 6, 2026364-day16.15%550,000406.3%600,493
Apr 22, 202691-day15.95%100,00072.7%64,481
Apr 22, 2026182-day16.19%100,000172.1%76,235
Apr 22, 2026364-day16.20%550,000385.3%753,448
Apr 8, 202691-day15.95%100,00096.8%94,823
Apr 8, 2026182-day16.19%100,000227.9%87,050
Apr 8, 2026364-day16.20%500,000526.5%549,504

Source: Central Bank of Nigeria

Listed Bonds

FGN local bonds (NGN), USD Eurobonds, Sukuk, and corporate bonds on the NGX. Prices are NGX 30-minute-delayed closes.
#BondCouponMaturityCurrencyPrice
1
African Development Bank 2021ADBB2021S1
—Dec 2021NGN₦100
2
Dangote 2026DAN2026S1TB
—Dec 2026NGN₦100
3
Abbey Building Society 2026ABB2026S0
—Dec 2026NGN₦100
4
IAO2026S1 2026IAO2026S1
—Dec 2026NGN₦97.29
5
FGB2026S2 2026FGB2026S2
—Dec 2026NGN₦100
6
NOVA2027S1 2027NOVA2027S1
—Dec 2027NGN₦100
7
AXA Mansard 2027AXA2027S1
—Dec 2027NGN₦100
8
BUA 2027BUA2027S1
—Dec 2027NGN₦100
9
Nigeria Mortgage Refinance 2027NMR2027S3
—Dec 2027NGN₦100
10
C&I Leasing 2028CIL2028S2
—Dec 2028NGN₦100
11
Dangote 2028DAN2028S1TC
—Dec 2028NGN₦100
12
Union Bank 2029UBN2029S3
—Dec 2029NGN₦100
13
Nigeria Mortgage Refinance 2030NMR2030S1
—Dec 2030NGN₦100
14
TSL2030S1 2030TSL2030S1
—Dec 2030NGN₦100
15
FBN Quest 2030FBQ2030S2
—Dec 2030NGN₦100
16
NSP2031S2 2031NSP2031S2
—Dec 2031NGN₦100
17
Fidelity Bank 2031FID2031S1
—Dec 2031NGN₦69.23
18
Nigeria Mortgage Refinance 2033NMR2033S2
—Dec 2033NGN₦100
19
NSP2034S1 2034NSP2034S1
—Dec 2034NGN₦100
20
FGN Eurobond 2027 Series 2FGEUR2027S2
—Dec 2027USD$100
21
FGN Eurobond 2030 Series 8FGEUR2030S8
—Dec 2030USD$100
22
FGN Eurobond 2031 Series 6FGEUR2031S6
—Dec 2031USD$100
23
FGN Eurobond 2032 Series 1FGEUR2032S1
—Dec 2032USD$100
24
FGN Eurobond 2038 Series 7FGEUR2038S7
—Dec 2038USD$100
25
FGN Eurobond 2047 Series 3FGEUR2047S3
—Dec 2047USD$100
26
FGN Eurobond 2049 Series 4FGEUR2049S4
—Dec 2049USD$100
27
Ekiti State Government 2020EKI2020S2
—Dec 2020NGN₦100
28
Bauchi State Government 2021BAU2021S1
—Dec 2021NGN₦100
29
Federal Government of Nigeria 2021FGS202139
—Dec 2021NGN₦85
30
Nigerian State Government 2021NAB2021S1
—Dec 2021NGN₦100
31
FGN 14% 2027 Series 1FG142027S1
14.00%Dec 2027NGN₦75
32
Nigerian State Government 2027ODB2027S1
—Dec 2027NGN₦100
33
Nigerian State Government 2027LAB2027T2
—Dec 2027NGN₦100
34
Nigerian State Government 2027LAB2027T4
—Dec 2027NGN₦100
35
Federal Government of Nigeria 2028FG5B2028S5
—Dec 2028NGN₦100
36
FGN 15% 2028 Series 1FG152028S1
15.00%Dec 2028NGN₦100
37
Federal Government of Nigeria 2029FG6B2029S3
—Dec 2029NGN₦100
38
Federal Government of Nigeria 2029FG6B2029S5
—Dec 2029NGN₦100
39
FGN 16% 2029 Series 1FG162029S1
16.00%Dec 2029NGN₦109
40
Federal Government of Nigeria 2030FG7B2030S3
—Dec 2030NGN₦70.5
41
FGN 11% 2034 Series 2FG112034S2
11.00%Dec 2034NGN₦73.1
42
FGN 17% 2035 Series 1FG172035S1
17.00%Dec 2035NGN₦106.32
43
FGN 13% 2036 Series 2FG132036S2
13.00%Dec 2036NGN₦109.7
44
FGN 14% 2037 Series 2FG142037S2
14.00%Dec 2037NGN₦130
45
FGN 17% 2045 Series 3FG172045S3
17.00%Dec 2045NGN₦100
46
FGN 16% 2049 Series 2FG162049S2
16.00%Dec 2049NGN₦105
47
FGN 17% 2050 Series 2FG172050S2
17.00%Dec 2050NGN₦105
48
FGN Sukuk 2027FGSUK2027S3
—Dec 2027NGN₦80

About the Nigerian bond market

The Nigerian bond market is one of the most active fixed-income markets in sub-Saharan Africa. The Federal Government of Nigeria (FGN) is the largest issuer, raising debt in both Naira (local-currency FGN bonds, FGN Savings Bonds, FGN Sukuk) and foreign currency (FGN Eurobonds in USD and GBP). State governments, supranationals (like the African Development Bank), and large Nigerian corporates including Dangote, BUA, and Access Holdings also issue listed bonds.

Primary market. New government securities are sold at auctions coordinated by the Central Bank of Nigeria. Nigerian Treasury Bills (91-day, 182-day, and 364-day tenors) are auctioned every Wednesday; long-dated FGN bonds are auctioned roughly monthly via the Debt Management Office. The latest stop rates from these auctions are shown live at the top of this page.

Secondary market. After issuance, bonds trade on the NGX where institutional and retail investors buy and sell among themselves. NGX bond prices are 30-minute delayed and reflect actual transactions between counterparties.

Why coupon and maturity matter. Every bond pays a fixed coupon — a percentage of face value paid annually or semi-annually — and matures on a specific date when the principal is returned. A 16% FGN 2029 Series 1 pays 16% per year in Naira until 2029, when the holder receives the face value back. Bond prices move inversely with prevailing interest rates: when rates rise, existing bond prices fall, and vice versa.

Frequently asked questions

What are FGN bonds?
FGN bonds are debt securities issued by the Federal Government of Nigeria in Nigerian Naira to finance government spending. They pay a fixed coupon every six months and are listed on the Nigerian Exchange. The 14% FGN 2037 Series 2, for example, pays 14% per year in Naira until maturity in April 2037.
What is the current 91-day Nigerian Treasury Bill rate?
The 91-day Nigerian Treasury Bill stop rate at the most recent CBN auction is shown live at the top of this page. T-bill rates change weekly and are determined by demand at the Central Bank of Nigeria's primary-market auctions held every Wednesday.
What is the difference between an FGN bond and an FGN Eurobond?
FGN bonds are issued in Nigerian Naira and sold mostly to local pension funds, banks and retail investors. FGN Eurobonds are denominated in foreign currency (typically US dollars) and sold to global emerging-market debt funds. Eurobonds remove FX risk for foreign investors but carry country credit risk for Nigeria, which must source dollars to pay coupons.
What is FGN Sukuk?
FGN Sukuk are sovereign Sharia-compliant Islamic bonds issued by the Federal Government of Nigeria to fund infrastructure projects. Unlike conventional bonds, Sukuk represent ownership in an underlying asset rather than a debt obligation, and returns are paid as rental income rather than interest.
How often does the CBN auction Treasury Bills?
The Central Bank of Nigeria auctions 91-day and 182-day Treasury Bills every Wednesday. 364-day Treasury Bills are auctioned monthly. Results, including stop rate, offered amount, subscription rate and amount allotted, are published the same day.
Where can I buy Nigerian bonds?
Nigerian bonds can be purchased through any SEC-licensed Nigerian stockbroker with access to the NGX bond market. Primary-market T-bills and FGN bonds are purchased through commercial banks or Primary Market Auctions coordinated by the Central Bank of Nigeria.
Are FGN bonds risk-free?
FGN bonds carry no credit risk in Naira terms — the Federal Government cannot default on Naira obligations since it controls the currency. However, they carry inflation risk and Naira-devaluation risk, which can reduce the real value of returns. Eurobonds, denominated in foreign currency, do carry sovereign credit risk.

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