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The short answer
Today's FGN bond yields are shown in the daily market data of FMDQ, where FGN bonds are listed and traded, and in your broker or bank's quotes; the DMO publishes the yields set at each monthly auction. We do not print a yield here because it changes every trading day.
A bond's coupon is fixed when it is first issued. Its yield, the return a buyer gets at today's price, changes every trading day. If you want to know what an FGN bond pays now, you need the yield, not the coupon. This page explains where the live figure is published and how to read it.
Where the live yields are
| Source | What it shows | When |
|---|---|---|
| FMDQ Securities Exchange market data | Quoted prices and yields for listed FGN bonds | Each trading day |
| Nigerian Exchange (NGX) | Prices of FGN bonds traded on the exchange | Each trading day |
| DMO auction results (dmo.gov.ng) | The yield at which each reopened bond cleared at auction | After each monthly auction |
| Your broker or bank desk | A dealing price and yield you can actually trade at | On request |
FGN bonds are listed on both NGX and FMDQ, according to the DMO's offer documents. Much bond dealing between banks and dealers is over the counter, so FMDQ's figures are a common reference point; your broker can tell you which it uses.
Coupon against yield
Take the bonds in the DMO's August 2026 offer: coupons of 22.60% (January 2035), 16.2499% (April 2037) and 15.45% (June 2038), as reported by the News Agency of Nigeria. Those coupons will not change. What buyers earn now depends on the yield at which the bond trades:
- If the yield is above the coupon, the bond trades below ₦100 per ₦100 face value.
- If the yield is below the coupon, it trades above ₦100.
- That is why a 22.60% coupon bond does not mean a buyer today earns 22.60%.
How to read a yield table
- Bond name
- Usually the coupon and maturity, such as 15.45% FGN JUN 2038.
- Bid / offer
- The price or yield at which dealers will buy from you and sell to you. The gap is the spread.
- Yield to maturity
- The annual return if you buy at that price, hold to maturity and every payment arrives.
- Days to maturity or tenor
- Shows where the bond sits on the curve.
Lining up yields from shortest to longest maturity gives you the yield curve. Our guide to the Nigerian yield curve explains its shape and what it suggests.
Comparing yields fairly
- Compare bonds of similar maturity; a 2-year and a 15-year yield measure different things.
- Compare after tax: FGN bond interest is exempt, while treasury bill interest faces 10% withholding tax under an October 2025 directive.
- Compare with inflation: NBS put headline inflation at 14.63% in September 2026, as reported by Voice of Nigeria. A yield above inflation means a positive real return if inflation stays there.
- Use a dealing quote, not a screen price, before you commit money.
Using DMO auction results
The DMO's auction result is the one official yield figure each month. It shows, for each bond offered, how much was offered, how much investors bid, how much was sold and the yield at which it cleared. If bids far exceed the amount offered, demand is strong and yields tend to be pushed down. If the DMO sells less than it offered, investors were asking for higher yields than the government would accept. Comparing two or three months of results gives you a clearer sense of direction than any single day's screen.
For the bonds themselves, see how FGN bonds work, and for when to buy at auction, the auction calendar.
Why yields move
Yields rise when investors want more to lend to the government: when inflation is high, when the CBN raises its policy rate, when the government plans to borrow more, or when foreign investors sell. They fall when the reverse happens. A one-off day's move tells you little; the trend over weeks says more. See why bond prices fall when yields rise.
What to check first
- The bond's name, coupon and maturity.
- Today's bid and offer yield from FMDQ or your broker.
- The clean price and accrued interest.
- Any broker charges, which lower your effective yield.
Where Pryme fits
Pryme does not quote bond yields. If you are comparing a bond with savings, rates for each Savings Box are shown in the app before you save.
Questions people ask
Where can I check FGN bond yields today?
On FMDQ Securities Exchange's market data, in NGX price lists, in DMO auction results after each auction, or by asking your broker or bank for a quote.
What is the current FGN bond yield?
It changes every trading day, so check FMDQ or your broker. The DMO auction result shows the yield set at the latest auction.
Is the FGN bond coupon the same as the yield?
No. The coupon is fixed; the yield depends on the price you pay today.
Why is FGN bond yield higher than coupon?
Because the bond is trading below face value. Buyers who pay less than ₦100 per ₦100 earn more than the coupon rate.
Sources
- DMO re-opens 3 FGN bonds valued at N1.1trn for subscription (News Agency of Nigeria, 13 Aug 2026) · accessed Oct 2026
- Voice of Nigeria: Nigeria's headline inflation drops to 14.63 per cent (16 Oct 2026) · accessed Oct 2026
- Bizcommunity (Reuters): Nigeria to impose 10% withholding tax on interest on short-term securities (29 Oct 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.