The Republic of Benin (French: République du Bénin) and formerly known as Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso to the north-west, and Niger to the north-east. The official language of Benin is French, with several indigenous languages such as Fon, Bariba, Yoruba and Dendi also being commonly spoken. Benin Republic is an undeniably diverse place. Here we will talk a little about Benin Republic currency
History of Benin Republic currency – Franc CFA
The CFA franc is the denomination of the common currency of 14 African countries that are members of the Franc Zone. They are the following countries:
Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union (WAEMU), whose Issuing Institute is the BCEAO;
Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon and Gabon, which make up the Central African Economic and Monetary Community (CEMAC), whose issuing institution is the Bank of Central African States (BEAC).
History of Benin Republic currency
The Benin Republic Currency – CFA franc was born on 26 December 1945, the day France ratified the Bretton Woods agreements and made its first declaration of parity at the International Monetary Fund (IMF). It then means “franc des Colonies Françaises d’Afrique”.
It was later renamed “franc de la Communauté Financière Africaine” (African Financial Community franc) for the member states of the West African Monetary Union (WAMU), and “franc de la Coopération Financière en Afrique Centrale” (Central African Financial Cooperation franc) for the member countries of the Central African Monetary Union (CAMU).
guaranteed in French francs by the French Treasury;
possible in foreign currencies through the Paris foreign exchange market, with the French franc as the standard;
total freedom of transfers within the Franc Zone;
2 August 1993: suspension by the BCEAO of the repurchase of banknotes of its issue exported outside the territory of African Franc Area member countries;
17 September 1993: entry into force of the decision by the authorities of the Bank of Central African States (BEAC) to suspend the repurchase of banknotes of its own issue exported to the WAMU zone;
20 December 1993: the BCEAO suspended the repurchase of banknotes of its issue held in the WAMU area.
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