four months after the coup, banks and the population on the verge of financial crisis

The coup that took place in Niger in July was sanctioned by ECOWAS. At the end of December, these sanctions had the effect of destabilizing the country’s economy. In Niger, it is becoming more and more complicated to withdraw money.

In front of one of Niger’s first banks, in Niamey, the capital, the queue overflows onto the road and the crowd is growing impatient. Due to a lack of cash, ATMs are empty and counters are overwhelmed. More than four months after the army coup, which took place on July 26, banks are on the verge of asphyxiation. In this country, among the poorest in the world, concern is growing. In a report released Thursday, December 14, the World Bank and the United Nations warn of the risks of an economic crisis if ECOWAS sanctions are not lifted by the end of January.

In Niamey, in the hope of getting a few tickets, Ousseni Adamou, who is a civil servant, has been going back and forth between the counter and his office since 7 a.m. “I wrote down my name, I had number 75, he says. I left for the office and they exceeded my number so I re-registered and found the list at number level 300. There, I came back around 11:30 a.m. and they are still at 260. Now the list goes up to 500 and some. And now, I have just been informed that the machine has run out of money and we are waiting for it to be supplied”.

He will therefore have to come back in the afternoon. Withdrawing your salary has become a headache, especially given the shortage of banknotes, withdrawals are limited to 50,000 CFA francs per day and per person, or 70 euros.

“This is the third time I’ve gone to get my salary for the month of November. And I still don’t have it in full.”

Ousseni Adamou, a civil servant living in Niamey

at franceinfo

Next to it, a man has the number 260. He suffers from a toothache and urgently needs liquid to see a doctor: “Unfortunately, it’s impossible at this rate. I have to postpone it. It’s the same thing everywhere. There isn’t really a stable bank”.

The “counterproductive effects” of sanctions

In Niger, ECOWAS sanctions hit residents hard, more than 40% of whom live below the poverty line. At the University of Niamey, economist Ali Rabiou is concerned about the devastating consequences for the population. “The longer it lasts, the more it is the weakest who bear the consequences, he analyzes. When there is a lack of liquidity, when there is not even flour to make bread, if there is a single plate of rice left in Niger, it will be eaten at the top of the state. It will be served to the new authorities, not to the population. ECOWAS measures have produced counterproductive effects..

In the meantime, the ruling junta continues its standoff with ECOWAS. The latter is still demanding the release of the former president who has been sequestered since the end of July by the military, and also a short-term transition.