West African Economic and Monetary Union

[2] It was established to promote monetary and financial stability as well as economic integration among countries that share the West African CFA franc (ISO 4217: XOF) as a common currency.

In West Africa, the CFA franc was issued by the Banque de l'Afrique Occidentale (BAO) under an issuance privilege granted by French national legislation.

In 1955, the BAO was replaced in that role by the public-sector Institut d'Émission de l'Afrique Occidentale Française et du Togo, which in turn was renamed the BCEAO in 1959.

[7] officially united in another confederation (Alliance of Sahel States) without a monetary area, these three countries have not shown their intention to break ties with UEMOA.

The member countries of the union share a single currency, the CFA franc, which is based on a convertibility guarantee by the French Treasury.

It has adopted a customs union and common external tariff and has combined indirect taxation regulations, in addition to initiating regional structural and sectoral policies.

[3] The Economic Community of West African States (ECOWAS) and UEMOA have developed a common plan of action on trade liberalisation and macroeconomic policy convergence.