Forex trading is legal in Benin under the regulatory framework established by the Central Bank of West African States. The BCEAO is an international public institution with headquarters in Dakar, Senegal, and serves as the common issuing institution of the member States of the West African Monetary Union (1). The eight member States of the WAMU are Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The main mandates of the Central Bank are to issue currency, manage monetary policy, organize and monitor banking activities, and provide assistance for the WAMU member States.
The banking system in Benin is regulated by the regional central bank BCEAO and the Banking Commission of the West African Monetary Union (2). The local currency CFA Franc is pegged to the Euro at CFA 655.957 for €1.00, and transactions requiring foreign exchange must be duly documented and approved by exchange control authorizations. Exceptions include foreign travel, foreign education, or medical expenses within prescribed limits, while expatriates can remit their salaries outside Benin and transfers within the UEMOA zone are not subject to foreign exchange controls.
"The local currency (CFA Franc) is pegged to the Euro at CFA 655.957 for €1.00."
All investments by a foreign investor in Beninese companies must be declared to the Ministry of Economy and Finance (2). Foreign transfers executed through the BCEAO must include specific information such as the instructing party, amounts in both CFA Francs and foreign currency, beneficiary details, account number and banking domicile, and the purpose of the transfer with supporting documents. All loans given by foreign individuals or companies to a Beninese borrower must also be declared to the Ministry of Economy and Finance to facilitate the transfer of repayments of principal and interest.
Source:
https://www.bceao.int/en/content/presentation-bceao
https://www.trade.gov/country-commercial-guides/benin-trade-financing
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
