Economy, Currency and Banking

Benin is a member of the West African Monetary Union, headquartered in Dakar, Senegal, and the country’s monetary unit is the CFA franc (712 CFA francs equal U.S.$1; 2000 average), which is subdivided into 100 centimes. An exchange rate of 1 French franc equal to 50 CFA francs remained in force from 1948 until 1994, when the CFA franc was devalued by 50 percent. The principal banks of Benin are in Cotonou.