{"id":6047,"date":"2024-02-18T13:31:50","date_gmt":"2024-02-18T13:31:50","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=6047"},"modified":"2024-02-18T12:34:47","modified_gmt":"2024-02-18T12:34:47","slug":"le-franc-cfa-desormais-a-24-nairas-opportunites-et-risques-pour-les-investisseurs-de-luemoa","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=6047","title":{"rendered":"Le franc CFA d\u00e9sormais \u00e0 2,4 nairas : opportunit\u00e9s et risques pour les investisseurs de l\u2019UEMOA"},"content":{"rendered":"<div class=\"itemIntroText\">\n<p class=\"texte textearticle\"><strong>\u00a0Un franc CFA plus fort donne la possibilit\u00e9 aux investisseurs de l&rsquo;UEMOA, ciblant les produits financiers, de tirer profit de la situation actuelle. Mais une analyse rigoureuse des risques et opportunit\u00e9s est requise pour prendre des d\u00e9cisions efficientes.<\/strong><\/p>\n<p class=\"texte textearticle\">Le franc CFA a atteint son niveau le plus \u00e9lev\u00e9 face \u00e0 la monnaie nig\u00e9riane, d\u00e9passant les 2,45 nairas pour un franc au 15 janvier 2024, selon la Banque centrale du Nigeria. Ainsi, les investisseurs des pays de la zone franc pourraient \u00eatre tent\u00e9s d\u2019y voir une opportunit\u00e9, renforc\u00e9e par un pouvoir d\u2019achat devenu plus important.<\/p>\n<p class=\"texte textearticle\">Cependant, derri\u00e8re l&rsquo;apparente attractivit\u00e9 d&rsquo;un franc CFA fort, l\u2019analyse des risques inh\u00e9rents au Nigeria invite \u00e0 une analyse plus profonde.<\/p>\n<p class=\"texte textearticle\">La vigueur actuelle de la devise commune des pays de l&rsquo;UEMOA et de la CEMAC s&rsquo;explique notamment par la garantie de parit\u00e9 fixe avec l&rsquo;euro offerte par la France. A l&rsquo;inverse, la Banque centrale nig\u00e9riane \u00e9prouve des difficult\u00e9s \u00e0 enrayer la d\u00e9pr\u00e9ciation du naira qui a perdu pr\u00e8s de 194% de sa valeur officielle face au dollar depuis juin 2023.<\/p>\n<p class=\"texte textearticle\">Cet \u00e9cart de comp\u00e9titivit\u00e9 mon\u00e9taire peut offrir des perspectives int\u00e9ressantes aux investisseurs de la zone franc CFA vivant dans la zone UEMOA, qui sont d\u00e9sireux de s&rsquo;exposer sur le plus grand march\u00e9 financier ouest-africain. En effet, le Nigeria Stock Exchange, la Bourse de Lagos, depuis le d\u00e9but de l\u2019ann\u00e9e 2024, offre une plus-value de 47% \u00e0 ses investisseurs contre une perte de 1,9% pour la BRVM.<\/p>\n<p class=\"texte textearticle\">Pour autant, une bonne \u00e9valuation des facteurs risques et opportunit\u00e9s reste de mise avant de se lancer \u00e0 l&rsquo;assaut de ce march\u00e9 prometteur. D\u00e9j\u00e0, la puissance du CFA devrait \u00eatre relativis\u00e9e. Elle est davantage le fait de la sp\u00e9culation sur des ressources stables, et la vraie puissance du naira ne doit pas \u00eatre ignor\u00e9e.<\/p>\n<p class=\"texte textearticle\">Avec ses 33,7 milliards\u00a0$ de r\u00e9serves de change, le Nigeria disposait \u00e0 fin d\u00e9cembre 2023 plus de 7,3 mois d&rsquo;importations assur\u00e9es \u00e0 fin 2022. A titre de comparaison, l&rsquo;UEMOA disposait \u00e0 la m\u00eame p\u00e9riode des r\u00e9serves de 9,7 milliards\u00a0$. Elles \u00e9taient en baisse, et ne repr\u00e9sentaient que l&rsquo;\u00e9quivalent de 3,4 mois d&rsquo;importations. Ainsi, la force relative du CFA pourrait rapidement s\u2019inverser.<\/p>\n<p class=\"texte textearticle\">Par ailleurs, l&rsquo;hypervolatilit\u00e9 de la monnaie nig\u00e9riane et l&rsquo;incapacit\u00e9 des autorit\u00e9s \u00e0 stabiliser un naira structurellement f\u00e9brile hypoth\u00e8quent toute visibilit\u00e9 \u00e0 moyen terme. Au Nigeria, il faut actuellement compter en moyenne 11,4 ann\u00e9es pour rentabiliser un investissement contre 9,8 ans dans l&rsquo;UEMOA. Aussi, la solide r\u00e9gulation sur les ressources en devises complique les transferts de capitaux et dividendes vers l&rsquo;\u00e9tranger. Entre opportunit\u00e9s \u00e0 court terme et risque de confinement des capitaux, les investisseurs de la zone franc devront proc\u00e9der avec discernement.<\/p>\n<p class=\"texte textearticle\">Ainsi, en d\u00e9pit d&rsquo;un diff\u00e9rentiel de change historique qui rend le Nigeria plus attractif, les investisseurs de l\u2019UEMOA notamment devront aborder toute initiative visant \u00e0 y investir sur les produits financiers avec une certaine circonspection. Il sera question de saisir les opportunit\u00e9s en consid\u00e9rant les risques inh\u00e9rents au Nigeria, mais aussi en \u00e9valuant clairement la forte valorisation du fcfa.<\/p>\n<p><strong>(Agence Ecofin)<br \/>\n<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Un franc CFA plus fort donne la possibilit\u00e9 aux investisseurs de l&rsquo;UEMOA, ciblant les produits financiers, de tirer profit de la situation actuelle. Mais une&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6048,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite-economique","wpcat-8-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le franc CFA d\u00e9sormais \u00e0 2,4 nairas : opportunit\u00e9s et risques pour les investisseurs de l\u2019UEMOA - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=6047\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le franc CFA d\u00e9sormais \u00e0 2,4 nairas : opportunit\u00e9s et risques pour les investisseurs de l\u2019UEMOA - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"\u00a0Un franc CFA plus fort donne la possibilit\u00e9 aux investisseurs de l&rsquo;UEMOA, ciblant les produits financiers, de tirer profit de la situation actuelle. 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