West African Monetary Union


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West African Monetary Union

An organization of several countries in West Africa whose members are politically separate but have free movement of goods and services and labor across borders and, most importantly, use a single currency: the West African CFA franc. Members include Benin, Burkina Faso, Cote d'Ivoire, Guinea Bissau, Mali, Niger and Togo. It was established in 1994.
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The West African Monetary Union includes 8 countries, that is, Ivory Coast, Senegal, Mali, Togo, Benin, Niger, Burkina Faso and Guinea Bissau.
The Central Bank of West African States (BCEAO) is the common central bank of the eight (8) member states which form the West African Monetary Union (WAMU).
He also played the role of chairman of West African Monetary Union Board of Finance Ministers.

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