Since the military coup in July 2023, Niger has struggled to meet its financial obligations, leading to several payment defaults on the regional financial market, according to Umoa-titres, which manages operations in the Economic Union’s markets and the West African monetary union (UEMOA).

Umoa-titres has issued eight notes to investors this year, indicating Niger’s failure to settle its financial commitments on the public securities market (MTP). The total amount of non-payment since the coup amounts to over 313 billion CFA francs (478 million euros).

This payment default comes as Niger faces sanctions imposed by the Conference of Heads of State and Government of the West African Economic and Monetary Union (UEMOA). Moody’s agency has downgraded Niger’s credit rating for the third time since the coup, citing the reinforced economic difficulties caused by the sanctions.

The Economic Community of West African States (ECOWAS) suspended Niger and imposed heavy economic sanctions following the coup. Niger, along with Mali and Burkina Faso, both also under military rule, announced its withdrawal from ECOWAS at the end of January.

Niger is currently governed by a military regime that overthrew elected president Mohamed Bazoum on July 26, 2023. Bazoum has been held prisoner since the coup.