The Central Bank of West African States (BCEAO) is an international public institution headquartered in Dakar, Senegal. It is the issuing institute common to the member states of the West African Monetary Union (WAMU). When it was founded on May 12, 1962, it united the Republics of Côte d'Ivoire, Dahomey, Upper Volta, Mali, Niger, Mauritania, Senegal and the Togolese Republic.
The BCEAO enjoys the exclusive privilege of issuing money on all member states of the West African Monetary Union. It issues monetary signs, notes and coins, which are legal tender and discharge in all Member States of the Union. The creation, issue and cancellation of monetary signs are decided by the Council of Ministers.
Notwithstanding the development of cashless means of payment, the use of banknotes and coins continues to occupy a relatively important place in the transactions of economic agents. The movements of notes between the states are favored by the uniqueness of the monetary signs. In terms of printing, the Central Bank conducts ongoing research into the authentication of currency signs, with a view to enhancing the security of the notes it issues.
