The Debt Management Office, through Nigerian Exchange Group, has opened the September 2026 Federal Government of Nigeria Savings Bond offer. Investors can subscribe through Friday, September 11, with settlement on September 16.
Two tenors are available: a 2-year bond due September 16, 2028, paying 14.12% per annum, and a 3-year bond due September 16, 2029, paying 15.12%. Interest is paid quarterly. Units cost ₦1,000 each, with a ₦5,000 minimum and ₦50 million maximum. The instruments are government-backed.
Headline inflation eased to 15.43% in July 2026 from 15.91% in June, continuing a decline from mid-20s levels a year earlier. The new coupons sit close to that inflation print and slightly above August’s Savings Bond rates. For retail investors seeking simple, low-minimum fixed income with sovereign backing, the offer is one of the more accessible options in the local market.
Demand has been modest recently. The DMO raised ₦5.86 billion in August, down from ₦6.19 billion in July, suggesting some investor caution even as rates ticked higher this month.
Coupons are paid in naira. Official dollar rates sit near ₦1,321 and parallel-market quotes near ₦1,400. Any further naira weakness would reduce real purchasing power of both coupons and principal at maturity. Inflation could also reaccelerate; food prices rose even as headline inflation fell. These bonds do not hedge currency or inflation risk.
Details and subscription information are at ngxgroup.com and the DMO site. For investors who want government credit, quarterly cash flow, and a short lock-up, this window is brief. Compare the after-tax, after-inflation return against T-bills, bank deposits, and money-market funds before allocating.
