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Senegal’s banking system is governed by The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO). It is the central bank that serves the eight West African countries which comprise the West African Economic and Monetary Union: Benin, Burkina Faso, Guinea Bissau, Mali, Niger, Senegal, Togo, and Côte d’Ivoire. The governor is Philippe-Henri Dakoury-Tabley.

Senegal Banks

Commercial banks operating in Senegal include the International Bank for Occidental Africa (French-owned), Banque Internationale pour le Commerce et l'Industrie du Senegal, Credit Lyonnais, Banque Senegalo Tunisienne, Ecobank, Societe Generale, Citibank, and Banque Islamique du Senegal.

The most significant development bank is the government-controlled National Development Bank of Senegal, which participates in development projects and provides credit for government organizations, mixed societies, and cooperatives. Another development financing institution is the Housing Bank of Senegal. A new credit institution, the National Fund for Agricultural Credit, was created in 1984.


The West African CFA franc (symbol: franc, code: XOF) is the official currency of eight independent states spanning over 1,350,000 square miles (3,500,000 km2) in West Africa, including Senegal. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa"). The currency is issued by the BCEAO, the Bank of the West African. The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

SThe franc has a fixed exchange rate to the euro where 1 euro is equivalent to 655.957 CFA Franc (XOF).

Although Central African CFA francs and West African CFA francs have the same monetary value against other currencies, West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa. In 2009, the inflation rate in Senegal was -1%.

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