Economics

What is the Currency of Benin?

The official currency of Benin is the West African CFA franc.

West African CFA franc

The CFA franc is an official currency used by Benin and seven other nations situated in western Africa. The BCEAO (Banque Centrale des États de l'Afrique de l'Ouest) issues the currency.

The initials CFA represents the Communauté Financière d'Afrique, a Central Bank situated in Senegal in the city of Dakar. The bank has Monetary Authority. The smallest unit of the franc is 100 centimes.

The Central African CFA franc has the same value as the West African CFA franc. Although the two are not technically intended to be used interchangeably, in practice they are.

History

The franc was first circulated in West African nations under the administration of French in the year 1945. Its intended use was to take over from the French West African Franc. Mali is the only country that did not to use the CFA franc upon independence, as they instead began to use their own franc.

Coins

Coins of the West African CFA franc exist in the forms of 1, 5, 10, 25, 50, 100, 200, 250, and 500 francs.

Banknotes

Banknotes of the West African CFA franc exist in the forms of 500, 1000, 2000, 5000, and 10,000 francs.

50-franc banknotes were last issued in 1959, and 100-franc banknotes were last issued in 1965. The 10,000 franc note has existed since 1977.

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