Benin Currency

Benin currency consists of Communaute Financiere Africaine franc. The currency code is XOF. Benin currency is also used in 14 other states of West Africa as well as Central Africa.Banque Centrale des Etats de l'Afrique de l'Ouest or BCEAO is responsible for issuing currency. This body is also responsible for regulating credit expansion.
Since, the year 1948, Benin money CFA franc was pegged at 50:1 to the French franc. It had a fixed exchange rate. However, due to overhauling in the year 1980, the currency was devalued to CFA franc 100: 1 French franc. The devaluation of the currency to CFA franc 100:1 French franc took place in the year 1994.

The European Union has France as one of its members, hence, the value of CFA franc is determined by the value of Euro too.Presently, Benin has foreign debt, which is approximately USD$1.6 billion. In order to handle foreign debt, several organizations are assisting Benin.

These organizations include:

Paris club, an organization, which has several countries as well as creditor agencies as its members.

• International Monetary Fund
• World Bank

The exchange rate of Benin currency in different years is given below:

Communaute Financiere Africaine or CFA franc per United States dollar or USD.

• In 1996, exchange rate of CFA franc for every USD was 511.55
• In the year 1997, exchange rate of CFA franc for every USD was 583.67
• In 1998, exchange rate of CFA franc for every USD was 589.95
• In 1999, exchange rate of CFA franc for every USD was 615.70
• Exchange rate of CFA franc for every USD in 2000 was 711.98
• Exchange rate of CFA franc for every USD was 699.21 in 2001.