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In 1962 Niger, along with seven other francophone nations, became a member of the West African Monetary Union (Union Monétaire Ouest Africain--UMOA).

Its banking system is governed by The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO). It is the central bank that serves the eight West African countries which comprise the West African Economic and Monetary Union: Benin, Burkina Faso, Guinea Bissau, Mali, Niger, Senegal, Togo, and Côte d’Ivoire. The governor is Philippe-Henri Dakoury-Tabley.

Niger Banks

Niger is home to several banks dispersed across the nation. Banque Internationale pour l'Afrique au Niger (BIA) is one of the most active commercial banking networks of Niger. Ecobank at Niger is a private sector banks that functions in 17 other countries apart from Niger. Niger's Sonibank, a small commercial bank, happens to be another dynamic banking system of the country. Other commercial banks in Niger are Bank of Africa, Banque Arabe Libyenne Nigerienne pour le Commerce Exterieur et le Developpement (BALINEX), Banque Commerciale du Niger (BCN), Banque Dar al-Maal al Islami Niger, Banque International pour le Commerce et l'Industrie du Niger, Banque Islamique du Niger pour le Commerce et l'Investissement (BINCI), Banque Sahélo-Saharienne pour l'Investissement et le Commerce, Caisse Centrale de Cooperation Economique (CCCE), Caisse de Prets aux Collectivites Territoriales, Caisse de Stabilisation des Prix des Produits du Niger, Credit du Niger, Ecobank and Société Nigérienne de Banque.


The West African CFA franc (symbol: franc, code: XOF) is the official currency of eight independent states spanning over 1,350,000 square miles (3,500,000 km2) in West Africa, including Niger. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa"). The currency is issued by the BCEAO, the Bank of the West African. The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

The franc has a fixed exchange rate to the euro where 1 euro is equivalent to 655.957 CFA Franc (XOF).

Although Central African CFA francs and West African CFA francs have the same monetary value against other currencies, West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa. In 2007, the inflation rate in Niger was 0.1%.

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