Niger slips into deeper default since coup

Niger missed a debt payment of 13.4 billion CFA francs ($22 million), increasing the total default to some $519 million since a July coup and its suspension from regional financial market, , the West African monetary union debt management agency UMOA Titres said.

Niger was due to make a repayment of the principal on 16 February. It earlier missed payments in August, November, January and February.

As per UMOA Titres, Niger again missed a debt payment as the west African country being subjected to sanctions imposed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union, also known by its French acronym UEMOA.

“This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned,” UMOA Titres said.

The sanctions were imposed after the 30 July coup by members of the Nigerian presidential guard that overthrew President Mohamed Bazoum.

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In July, a planned 30 billion CFA franc ($51m) bond issuance by Niger was cancelled by the Central Bank of West African States (BCEAO).

The sanctions were the most stringent imposed by the regional bloc till date to stem the tide of coups in the Sahel.

In January, the country, along with neighbours Mali and Burkina Faso, announced that it was leaving ECOWAS with immediate effect. The three states formed the Association of Sahel States (ASS) in September and are reportedly considering discontinuing the use of the CFA, the currency of the UEMOA.

With inputs from agencies