The Central Bank of West African States (French: Banque centrale des États de l'Afrique de l'Ouest, referred to as BCEAO, West African Central Bank) is the central bank of eight different countries in West Africa. It was established in 1959 and is headquartered in Dakar, the capital of Senegal. The president is Jean-Claude Broux, an Ivorian economist. The Central Bank of West African States issues a common currency and formulates monetary policy for the countries of the West African Economic and Monetary Union.

The West African Central Bank actively formulates financial inclusion policies and is a member of the Financial Inclusion Union.

Member States

• Benin
• Burkina Faso
• Côte d'Ivoire
• Guinea-Bissau
• Mali
• Niger
• Senegal
• Togo

The common currency used by the above countries is the West African franc.

History

The Central Bank of West African States was formerly known as the "Institut d'Emission de l'Afrique Occidentale Française et du Togo" (Institut d'Emission de l'Afrique Occidentale Française et du Togo), established in 1955 and renamed in 1959. The Treaty of the West African Monetary Union (Traitéinstituant l'Union Monétaire Ouest Africaine, UMOA), signed on May 12, 1962, gave the West African Central Bank the exclusive right to issue currency as the common central bank of the following seven member states at the time:

• Côte d'Ivoire
• Kingdom of Dahomey (now Benin)
• French Upper Volta (now Burkina Faso)
• Mali
• Mauritania
• Niger
• Senegal

On June 30, 1962, Mali withdrew from the West African Monetary Union (UMOA) and adopted the Malian franc It is legal tender; on December 17, 1963, Togo officially joined the West African Monetary Union; on May 30, 1973, Mauritania withdrew from the West African Monetary Union and switched to the self-issued ougia as legal tender; on February 17, 1984, Mali rejoined the West African Monetary Union; on May 2, 1997, Guinea-Bissau joined the Union.