Which bank issues the common currency used by the West African Economic and Monetary Union?
Answer
Central Bank of West African States
The Central Bank of West African States issues the common currency used by the West African Economic and Monetary Union.
Known by its French initials BCEAO, the bank is the central monetary institution for Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. These countries use the West African CFA franc, which the BCEAO issues and manages.
The bank is headquartered in Dakar, Senegal, and conducts monetary policy for the monetary union. Its role is distinct from that of the Central Bank of Central African States, which serves a different CFA-franc zone.
The West African CFA franc is not the same currency as the Central African CFA franc, even though both currencies share a name and have a fixed relationship with the euro.