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The short answer
Nigerian Eurobonds are dollar bonds sold to professional investors and then traded in the secondary market, with minimum lots the DMO puts at about US$200,000, settled through Euroclear. Individuals usually reach them through a broker or private bank that deals in international bonds and accepts them as a client. For smaller sums, Nigerian Eurobond funds start much lower, for example US$1,000 for ARM's Eurobond Fund.
What a Nigerian Eurobond is
A Eurobond is a bond the Federal Government sells in US dollars to international investors. The most recent issue in the DMO's records we read was announced on 5 November 2025: US$2.35 billion in two tranches, US$1.25 billion due 2036 priced at 8.6308% and US$1.10 billion due 2046 priced at 9.1297%. The DMO said the order book peaked at over US$13 billion, and the notes were listed on the London Stock Exchange's regulated market, FMDQ Securities Exchange and the Nigerian Exchange.
The same statement says the offer's target market was eligible counterparties and professional clients only. That is typical: individuals rarely buy at issue. They buy later, in the secondary market.
The minimum
The DMO's FAQ on its 2024 domestic dollar bond explains that Eurobonds typically have minimum lots of about US$200,000 and are settled through Euroclear. Exact denominations are set in each bond's offering documents, so ask your broker for the minimum and increments of the specific line before you instruct.
Routes to buying
| Route | Typical entry point | Points to check |
|---|---|---|
| International broker or private bank with bond dealing | The bond's minimum lot (about US$200,000 per the DMO) | Whether it offers that line to your client category, custody fees, dealing spread |
| Nigerian bank or broker with an international bond desk | As above | Whether it serves customers living abroad, where the bond is held |
| Nigerian Eurobond mutual fund | From US$100 to US$1,000 at the funds below | Management fee, minimum holding period, redemption time |
| Domestic FGN US Dollar Bond (2024, not a Eurobond) | US$10,000 | Whether a new issue is open; listed on NGX and FMDQ |
Fund options for smaller sums
- ARM Eurobond Fund (factsheet September 2025): minimum initial investment US$1,000, management fee 1.5% of net asset value, may hold 70% to 100% in bonds.
- Stanbic IBTC Dollar Fund (fund page): minimum US$100, at least 70% in high-quality Eurobonds, management fee 1.5%, a 182-day minimum holding period with a penalty of 20% of accrued income if you redeem earlier, and online redemption paid within 3 working days.
Funds spread your money across several bonds and handle the coupons, but you pay their fees and accept their rules on redemption. Our guide to dollar mutual funds for the diaspora compares more of them.
How the price and the coupon work
In the secondary market a bond trades at a price per 100 of face value. You also pay accrued interest, the coupon earned since the last payment date, to the seller. The yield you lock in depends on the price you pay, not just the coupon.
Example only, with an invented bond. A Nigerian Eurobond with an 8.5% coupon, paid twice a year, trades at 98. Buying US$200,000 face value costs US$196,000 plus accrued interest and dealing costs. You then receive US$8,500 every six months (8.5% × US$200,000 ÷ 2) and US$200,000 at maturity, if the government pays as promised.
Eurobond or naira bond?
Diaspora investors often compare Eurobonds with FGN bonds in naira. The naira bonds pay higher coupons; the October 2026 auction reopened bonds with coupons from 15.45% to 19.00%. But those payments are in naira, so their value in your home currency moves with the exchange rate, and moving coupons abroad requires conversion and documentation. A Eurobond pays and repays in dollars, so for someone who earns and spends in dollars, pounds or euros there is no naira conversion at all; the trade-off is a lower coupon and a much higher minimum. The domestic dollar bond sits between the two: a dollar coupon with a lower minimum, but issued and traded in Nigeria. Which suits you depends on the currency you will need the money in, the amount you can commit and how long you can hold. See naira returns versus currency loss for a worked comparison.
Risks to understand
- Price risk: if yields rise, the bond's price falls, which matters if you sell before maturity.
- Credit risk: the return depends on the government paying coupons and principal.
- Liquidity: some lines trade less often, with wider spreads for small trades.
- Tax: whether Nigeria withholds tax on Eurobond coupons is not confirmed on the official pages we read; see Eurobond interest tax and check your local rules.
Steps
- Decide between a direct holding and a fund, based on how much you are investing.
- For a direct holding, ask your broker which Nigerian lines it can deal in for your client category, the minimum, and all costs.
- Get a quote showing price, accrued interest and the yield to maturity.
- Confirm where the bond will be held and how coupons will be paid to you.
- Keep the contract note for your tax records.
For the retail diaspora bond question, see whether a new diaspora bond is open and the 2017 diaspora bond.
Where Pryme fits
A Pryme Personal Account holds USD alongside NGN, GBP and EUR with local account details (multicurrency), so dollar coupons or fund redemptions can be received and kept in dollars until you decide to convert. Buying the bond itself happens through your broker or fund manager.
Questions people ask
What is the minimum to buy a Nigerian Eurobond?
The DMO says Eurobonds typically trade in lots of about US$200,000. Check the specific bond's documents with your broker.
Can individuals buy Nigerian Eurobonds?
Yes, usually in the secondary market through a broker or private bank that accepts them as clients. New issues target professional investors.
Is there a cheaper way to invest in Nigerian Eurobonds?
Eurobond funds, such as ARM's (from US$1,000) or Stanbic IBTC's Dollar Fund (from US$100), give exposure to a basket of bonds.
Where are Nigerian Eurobonds listed?
The November 2025 notes were listed on the London Stock Exchange, FMDQ and the Nigerian Exchange, and Eurobonds settle through Euroclear.
Sources
- DMO: Media statement, Nigeria prices US$2.35 billion in long 10-year and long 20-year Eurobonds (5 Nov 2025) · accessed Oct 2026
- DMO: Domestic FGN US Dollar Bond FAQs (Aug 2024) · accessed Oct 2026
- ARM Investment Managers: ARM Eurobond Fund factsheet (Sep 2025) · accessed Oct 2026
- Stanbic IBTC Asset Management: Stanbic IBTC Dollar Fund · accessed Oct 2026
- Nairametrics: DMO allots at Oct 19 FGN bond auction as stop rates rise (20 Oct 2026) · 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.