The Central Bank of West African States (BCEAO) has announced the end of the exceptional treatment applied to securities issued by the State of Niger.
These securities will now be subject to the standard accounting and prudential regulations applicable to other member countries of the West African Monetary Union (UEMOA).
In an official notice dated April 3, 2025, the BCEAO revoked the temporary exemption granted to Niger in January 2024. This previous measure had allowed credit institutions to classify Nigerien government securities as sound debt, despite the prevailing political and economic uncertainties. The initial exemption, established on January 22, 2024, was primarily intended to safeguard the stability of the regional banking system by preventing a decline in the value of banks’ holdings of Nigerien securities.
The removal of this special status signifies a crucial step towards normalizing the Nigerien government’s financial operations within the regional market. It also indicates a positive shift in the level of confidence surrounding the country’s public finances.
Consequently, Nigerien debt securities will now be treated equally with those issued by other WAEMU member states.
ARD/te/Sf/fss/abj/APA