The Central Bank of West African States (BCEAO) has cancelled a scheduled bond issuance by Niger, valued at 30 billion CFA francs ($51 million), in the West African regional debt market. This decision comes in the wake of a military coup in Niger and subsequent sanctions imposed by the Economic Community of West African States (ECOWAS).
ECOWAS, a 15-nation regional bloc, held an emergency summit in Nigeria where it demanded the reinstatement of Niger’s President Mohamed Bazoum, who was ousted from power last week. To enforce this demand, ECOWAS imposed sanctions on Niger, including the suspension of all financial transactions and a freeze on national assets. These measures aim to prompt the coup leaders to restore constitutional order.
Niger, one of the world’s poorest countries, heavily relies on external aid and financing. The country had planned two additional bond issuances in the regional market on August 7 and August 17, according to the regional debt management agency’s calendar.
The coup in Niger has drawn international condemnation. France, the country’s former colonial ruler, has denounced the military takeover. Following the coup, the European Union suspended its security cooperation and financial aid to Niger. The United States has also issued a warning that its aid to the country could be jeopardized due to the political unrest. This series of events underscores the fragile economic and political situation in Niger and the region’s response to such upheavals.
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