African Monetary Union

What is the African Monetary Union? A dream of many African people some in government and some in business. An economic and monetary union (MCU) is a type of trade bloc that features a combination of a common market, customs union, and monetary union. The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank.

What are the list of Economic Community of West African States or ecowas countries? The Economic Community of West African States, also known as ECOWAS, is a regional political and economic union of fifteen countries located in West Africa. These are as follows:

  1. BENIN
  2. BURKINA FASO
  3. CABO VERDE
  4. CÔTE D'IVOIRE
  5. The GAMBIA
  6. GHANA
  7. GUINEA
  8. GUINEA BISSAU
  9. LIBERIA
  10. MALI
  11. NIGER
  12. NIGERIA
  13. SENEGAL
  14. SIERRA LEONE
  15. TOGO

Should Africa develop a common currency? So the African Union represents 54 sovereign member states with diverse economic conditions and fiscal policies. It is possible for them to all agree on one currency. This very much depends on internal and external influences. Africa, like other regions of the world, is fixing its sights on creating a common currency.

Is a common currency beneficial for the African Union? In order to assess this question, potential problems need to be analysed and highlighted. The topic of a common currency becomes important in terms of economic growth that can facilitate sustainable development. Will it really come in our lifetime though.

The true cost of sending GBP to GHS

There are many reasons you may want to transfer money: Buying property in the country of Ghana? Emigrating to an Africa country like Gambia? Importing from Nigeria? Exporting to Kenya or Sierra Leone? Regular payments to an African country? Money transfer to all region are changing on a daily basis. Countries in African and the Caribbean are coming online all the time like Lesotho, Morocco, AUE and Angola. A stable currency for west Africa would be a very valuable tool in the power of the countries of this region. Transferring money would be made easier.

What is the most powerful currency in west Africa? Is it the Ghana Cedis or the Nigerian Nira? Maybe the west African Franc cfa. Only Ghana has been able to meet all the primary criteria in any single fiscal year for a single currency. So maybe it is the Cedis.

XOF is the code for the West African CFA franc, the currency of eight independent states in West Africa. Eight countries have combined they are Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo to use this currency. See West African CFA franc - Wikipedia

What is the eco currency exchange? Eco Currency is a new money currency that the West African Countries planned to adopt in 2020. This has not happened, there is a lot of work ahead still, a rebrand of the old Franc CFA will not do the job. The CFA franc was introduced by France in 1945 and at the time stood for "French Colonies in Africa.

What is the eco currency, when will we see it? The Eco was expected to be adopted on the first of July 2020, but since the concept arose in 2003, the target launch date for the currency has been postponed several times: in 2005, 2010 and 2014.

What are the eco currency countries? "ECOWAS is ultimately about regional economic integration which has have the case in Europe. Ultimately, that cannot be achieved without the currency developed by eco countries. Eight countries belonging to the Economic Community of West African States (ECOWAS). Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the CFA franc and are planning for the eco.

West African monetary integration without involving countries like Ghana or Nigeria make no sense. Countries that accounts for over half of the population in the region cannot be left out. To come ecowas new currency in 2022 maybe? A roadmap for the launch of the common currency "Eco" is now in 2027

Ecowas single currency 2020 has not happened why? A stable real exchange rate is the goal which enables the French-speaking west African region to be able to abandon the CFA franc and gain complete fiscal and monetary independence from France. Convergence of economies across the region is the major challenge.

eco currency value? To come.
eco currency notes? To come.

For flags see Africa - The World Factbook (cia.gov)

see Risk And Business In Africa

What are the names, ISO and monetary units of the current usable currencies in West Africa? There are different currency types across the region, hence know the name, unit and exchange rate of the currency of the specific country you are travelling.

Benin

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of Benin. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs
 

Burkina Faso

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of Burkina Faso. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs
 

Cape Verde

Currency: Cape Verdean Escudo
Monetary Code: CVE
The Cape Verdean escudo is the official currency of the Cape Verde. The symbol of the currency can also be written as Esc or $.
The frequently used coins include 1, 5, 10, 20, 50, and 100
The escudo bank notes include 200, 500, 1000, 2000, 2500 and 5000 escudo
Pegged at: 1USD = 93.6694CVE
 

Gambia

Currency: Dalasi
Monetary Code: GMD
The Gambian Dalasi is the official currency of the Republic of Gambia. The Dalasi replaced the former Gambian pound.
The coins are in the denomination of 1, 5, 10, 25, 50 bututs and 1 Dalasi.
The bank notes are in the range of 5, 10, 20, 25, 50, 100 and 200 Dalasi
Pegged at: 1USD = 47.50 Gambian Dalasi
 

Ghana

Currency: Ghanaian cedi
Monetary Code: GHS
The Ghanaian cedi is the currency used in Ghana. The pesewa is one hundredth of the Ghanaian cedi. The cedi is symbolized with GH₵.
The Coins are in the denomination of 1, 5, 10, 20, 50Gp and GH₵1
The Bank notes are in GH₵1, 2, 5, 10, 20 and 50 Cedi
Pegged at: 1 USD = 4.49Cedi
 

Guinea

Currency: Guinean franc
Monetary Code: GNF
The Guinean franc is the official currency of Guinea. The centime is one hundredth of the Guinean franc. The Guinean franc is symbolized with GFr or just Fr.
The Coins are divided into 1, 5, 10, 25 and 50 Guinean francs
The Banknotes  are split into 100, 500, 1000, 5000, 10,000 and 20,000 francs
Pegged at: 1USD = 8998.40 Guinean Franc.
 

Guinea-Bissau

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of   Guinea-Bissau. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs
 

Ivory Coast

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of   Ivory Coast. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs
 

Liberia

Currency: Liberian Dollar
Monetary Code: LRD
The Liberian Dollar is the official currency of Liberia. The Liberian Dollar is symbolized with L$. The cent is one hundredth of Liberian Dollar.
The Coins is in the denomination of 5 cents, 10 cents, 25 cents, 50 cents and 1 dollar
The Banknotes  are split into 5, 10, 20, 50, 100 dollars and 500 dollars
Pegged at:1USD = 125.5 LRD

Niger

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of Niger. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
 
Pegged at: 1USD = 557.12 francs

Nigeria

Currency: Nigerian Naira
Monetary Code: NGN
The Nigerian Naira is the national currency of Nigeria. The Naira is symbolized with N. The Kobo is one hundredth of Nigerian Naira.
The coins are split into 1 kobo, 5 kobo, 50 kobo, 1 Naira and 2 Naira.
The Banknotes are in 5, 10, 20, 50, 100, 200, 500 Naira & 1000 Naira.
Pegged at: 1 USD = 363 Naira
 

Sierra Leone

Monetary Code: SLL
The Sierra Leonean leone is the official currency of Sierra Leone. The Sierra Leonean leone is denoted with the symbol Le. The cent is one hundredth of leone.
The Sierra Leone coin is divided into 10, 50, 100 and 500 Leones
The Banknotes  are split into 1000, 2000, 5000 and 10 000 Leones
Pegged at: 1USD = 7670SLL
 

Senegal

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of Senegal. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs
 

Togo

Currency: CFA franc
Monetary Code: XOF
The franc CFA is the currency of Togo. It is otherwise called the West African franc CFA.
The CFA Coins are in the range of: 1, 5, 10, 25, 50, 100, 200, 250 and 500 CFA francs.
The CFA Banknotes are in the range of: 500, 1,000, 2,000, 5,000 and 10,000 CFA francs.
Pegged at: 1USD = 557.12 francs