Niger has failed to make payments amounting to 187.136 billion CFA francs (approximately $304 million) in interest and capital since the July coup and its subsequent suspension from regional financial markets, according to data provided by the West African regional debt management agency on Tuesday.
The West African monetary union’s debt management agency, UMOA Titres, stated on Tuesday that the country had defaulted on an additional interest payment of roughly 2.464 billion CFA francs (equivalent to $4 million) on its debt.
“This payment incident occurs in a context where the State of Niger is subject to sanctions taken against it by the conference of heads of state and government of the West African Economic and Monetary Union,” the agency said.
Following a military coup in July that removed President Mohamed Bazoum, Niger has faced suspension from the regional financial market and the regional central bank by the Economic Community of West African States (ECOWAS) and the West African monetary union.
ECOWAS has enforced stringent economic and financial sanctions against the junta, which involve terminating its access to the state’s accounts held in the regional central bank. Additionally, the organization has warned of potential forceful actions to reinstate constitutional governance.
