The Debt Management Office allotted N5.06 billion to investors in its November savings bond offer, down 17.4 per cent from the N6.12 billion allotted in October.

The November offer comprised a two-year bond due in 2028 and a three-year bond due in 2029. The DMO allotted N746.01 million to the two-year instrument and N4.31 billion to the three-year bond, according to the office’s allotment results. 

The offer ran from November 2 to 6 and was settled on the 11th. The results recorded 968 subscriptions for the two-year bond and 2,390 for the three-year instrument.

Together, the two offers brought 3,358 subscriptions, compared with 3,939 in October.

According to its latest figures published on Thursday, the amount allotted fell by about N1.06 billion between the two months, while subscriptions declined by 581. 

The three-year instrument accounted for about 85 per cent of the November allotment, with N4.31 billion allocated to it. The two-year bond received the remaining N746.01 million.

The DMO offered annual interest rates of 13.25 per cent on the two-year bond and 14.25 per cent on the three-year bond. 

Both rates were 0.179 percentage points higher than those offered on the corresponding bonds in October. The increase came as total allotments and subscriptions declined. 

The bonds pay interest quarterly. The November 2028 instrument matures on November 11, 2028, while the November 2029 bond matures on November 11, 2029. 

The DMO’s terms allow investors to subscribe from N5,000, with further investments in multiples of N1,000, up to a maximum of N50 million. Investors can also buy or sell the bonds in the secondary market. 

The November decline follows stronger allotments in the first nine months of the year. 

The DMO allotted N47.25 billion in savings bonds between January and September 2026, N11.02 billion more than in the same period of 2025.