This information is derived from the State Department's Office of Investment Affairs’ 2017 Investment Climate Statement. Any questions on the ICS can be directed to EB-ICS-DL@state.gov
Last Published: 7/3/2017

Capital Markets and Portfolio Investment

There are no limits on the free flow of financial resources. Niger’s capital markets are extremely underdeveloped and there is no stock market. Although an effective regulatory system exists, and policies in fact encourage portfolio investment, there is little market liquidity and hence little opportunity for such investment. The government otherwise works closely with the IMF to ensure that payments and transfers overseas occur without undue restrictions. Credit is allocated on market terms and foreigners do not face discrimination. Credit to the private sector is dominated by large corporations, while agriculture, livestock, forestry, and fisheries sectors (which account for more than 40 percent of GDP) receive less than one percent of total bank credit.

Money and Banking System

Although the banking sector in Niger is generally healthy and well capitalized, less than 3 percent of the people of Niger have a bank account. Foreign banks control about 80 percent of the sector’s assets, with SONIBANK, BIA Niger, Ecobank and Bank of Africa (BOA) being the largest banks operating within the country, with estimated combined assets at $1.34 billion. There are no restrictions on a foreigner’s ability to establish a bank account, and foreign banks and their subsidiaries operate within the economy without undue restrictions. The Central Bank of West African States governs Niger’s banking institutions and sets minimum reserve requirements. Niger is a part of the West African Economic and Monetary Union (WAEMU) which utilizes the franc CFA, pegged to the Euro at 655.61 CFA per euro.

Foreign Exchange and Remittances

Foreign Exchange
There are no restrictions or limitations placed on foreign investors in converting, transferring, or repatriating funds associated with an investment, including remittances. Funds are freely convertible into any world currency. However, currency conversions above 2 million CFA (approximately $3,413) must be approved by the government. The exchange rate is determined via the euro’s fluctuations on the international currency market. The CFA is otherwise fixed to the euro.
Remittance Policies
Niger's Investment Code offers the possibility to transfer income of any kind, including capital investment and the proceeds of investment liquidation, regardless of the destination. There are no limitations or waiting periods on remittances, though currency conversions above 2 million CFA (approximately $3,250) must be approved by the Ministry of Finance.

Sovereign Wealth Funds

Niger does not maintain a Sovereign Wealth Fund (SWF), and does not subscribe to the Santiago Principles. The government has ambitious plans for a build-up of reserves at the Central Bank of West African States (BCEAO) using oil revenues.

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