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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Moroy Soumahoro, secretary general of West African Monetary Union regulator Conseil Regional de l'Epargne Publique et des Marches Financiers, believes financial markets in the region can play a key role in driving the region's development.

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