Last Friday, the Moody's rating agency lowered Niger's rating by one notch to Caa3, with a stable outlook.

Les sanctions mises en place depuis la fin du mois de juillet 2023 contre le Niger ont renforcé s Economic difficulties, further hampering capacity Moody's potential for the government to meet its commitments according to the rating agency. The impact of these ECOWAS and UEMOA sanctions on the country's ability to meet its next deadlines, while arrears are piling up. According to Moody's, this decision “adds uncertainty about the possible lifting of sanctions”, leading at the same time to an “increase in financial risks

The Agency also indicated that Niger “continues to depend on the local banking system as the main source of financing and given the measures put in place by the West African Economic and Monetary Union (UEMOA) via the regional bank, a potential depreciation of bonds could call into question the possibility of local banks to refinance with the regional central bank.”