Niger’s Banking Sector in Chaos After Coup as Regional Bodies Freeze Access to Central Bank

Crisis Unfolds in Niger After Military Coup

Dakar, Senegal - The Central Bank of West African States (BCEAO) has taken drastic measures by freezing relations and closing local offices in Niger after a military coup on July 26 toppled elected president Mohamed Bazoum. In the aftermath, banks in the country have imposed strict limits on cash withdrawals.

Banking Restrictions Imposed

According to reports from German broadcaster Deutsche Welle and French broadcaster TV5 Monde, at least some banks are prohibiting withdrawals of more than CFr200,000 ($335). This move is seen as an attempt to stem capital flight and maintain financial stability in the face of political uncertainty.

Regional Bodies Intervene

The Economic Community of West African States (ECOWAS) and the West African Monetary Union (WAMU) have frozen Niger’s access to the regional central bank. This move is aimed at preventing any misuse of funds or illicit activities by the military junta.

Economic Uncertainty Persists

The situation remains fluid, with many Nigeriens struggling to access their cash reserves amid growing economic uncertainty. As the country navigates this crisis, international observers are closely monitoring developments in hopes of restoring stability and democracy to the West African nation.

Key Points:

• The Central Bank of West African States (BCEAO) has frozen relations and closed local offices in Niger.
• Banks in Niger have imposed strict limits on cash withdrawals, with some prohibiting withdrawals of more than CFr200,000 ($335).
• Regional bodies ECOWAS and WAMU have frozen Niger’s access to the regional central bank to prevent misuse of funds or illicit activities by the military junta.
• The situation remains fluid, with many Nigeriens struggling to access their cash reserves amid growing economic uncertainty.