Nigeria’s Eurobond Market Closes August With Yields Up to 8.16%

Nigeria’s Eurobond market closed the month of August with yields ranging from 5.63% to 8.16% across the sovereign dollar-denominated securities tracked by the Debt Management Office (DMO).

The latest DMO data, covering the closing prices and yields as of Monday, August 31, 2026, showed that yields were lowest on the November 2027 Eurobond at 5.63% and highest on the September 2051 maturity at 8.16%.

The yield pattern shows a gradual increase across much of the longer-dated segment of Nigeria’s Eurobond curve. The September 2028 and March 2029 maturities closed at yields of 5.92% and 5.90%, respectively, while the February 2030 and January 2031 securities recorded 6.18% and 6.49%.

Further along the curve, the February 2032 Eurobond yielded 6.67%, while the September 2033 and December 2034 maturities recorded yields of 6.93% and 7.21%, respectively.

The January 2036 and February 2038 securities closed at 7.31% and 7.44%, while the January 2046 and November 2047 bonds recorded yields of 8.06% and 7.87%.

The January 2049 Eurobond posted a yield of 8.08%, while the September 2051 maturity recorded the highest yield in the DMO’s August 31 data at 8.16%.

Eurobond Prices

The closing prices showed mixed performance across the securities.

The December 2034 Eurobond recorded the highest closing price at $119.428, followed by the January 2049 maturity at $112.033 and the January 2046 bond at $110.398.

The June 2031 Eurobond closed at $112.391, while the January 2031, February 2032, and September 2051 maturities closed at $108.479, $105.456, and $100.983, respectively.

The November 2047 Eurobond was the only security in the listed set to close below the $100 face-value mark, at $97.485.

Yield Versus Issue Rate

Several of the securities were trading at yields below their respective issue yields.

The November 2027 bond, issued at a 6.50% yield, closed at 5.63%, while the September 2028 maturity moved from an issue yield of 6.125% to a market yield of 5.92%.

The March 2029 Eurobond recorded a 5.90% market yield against its 8.375% issue yield, while the February 2030 maturity yielded 6.18%, compared with its 7.143% issue yield.

At the longer end, however, the November 2047 bond recorded a market yield of 7.87%, above its 7.625% issue yield, while the September 2051 maturity yielded 8.16%, marginally below its 8.25% issue yield.