The West African Economic and Monetary Union or “Union économique et monétaire ouest-africaine” is a currency and customs union which includes Senegal, Côte d'Ivoire, Niger, Togo, Burkina Faso, Guinea-Bissau, Benin and Mali. The common currency of the monetary area is the West African CFA franc, with CFA being the acronym for “Communauté Financière Africaine”.
The West African CFA Franc is used interchangeably with the Central African CFA franc used within the Central African Economic and Monetary Community. The CFA franc was formerly pegged to the French franc and is currently pegged to the euro.
The central bank of the West African Economic and Monetary Union is the “Banque Centrale des États de l'Afrique de l'Ouest”. It is located in Dakar, Senegal.
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