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FG raises N475.67 billion in March bond auction over rising rates rally 

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DMO

The Federal Government has raised N475.67 billion in its March bond auction, capitalising on the current rally in rising rates.  

The auction, conducted on March 18, 2024, by the Debt Management Office (DMO), attracted an overwhelming interest from investors, demonstrating their confidence in the nation’s economic stability and growth potential. 

The amount raised in March is slightly higher than what was raised in January (about N418.197 billion) and far less than what was raised in February (N1.49 trillion). However, there has been a consistent increase in the rates offered from an average of about 15% in January to about 20% in March. 

The auction featured three offerings: a new 3-year bond, alongside the reopening of 7-year and 10-year bonds, all of which witnessed remarkable demand, especially the 19.94% FGN MAR 2027 3-Year Bond and the 19.00% FGN FEB 2034 10-Year Bond. 

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