Online Forex trading in Senegal is legal and operates under regulations established by the West African Economic and Monetary Union. Senegal lifted all restrictions related to foreign exchange controls in 1998, with foreign exchange payments executed directly by commercial banks without requiring Ministry of Finance authorization. There is free convertibility of the CFA franc via the banking system for commercial transactions, with exchange rates varying daily according to the Euro-U.S. dollar rate (1).
The exchange control regime is regulated by Regulation 06/2024/CM/UEMOA of December 20, 2024, which governs financial relations of WAEMU member states and replaces the previous 2010 regulation. The Central Bank of West African States, along with the WAEMU Banking Commission, Authorized Intermediaries, Customs Administration and Ministry of Finance enforce laws relating to external financial relations of member states. Each entity has specific powers of control, supervision, sanction and collection of information (2).
"The current exchange control regime in WAEMU is characterized by various measures and regulations aimed at regulating international financial transactions, including: the limitation of manual exchange activities; strengthening the conditions for authorization; the obligations to place transactions at the place of business; monitoring and reporting of operations; the regulation of foreign exchange exports and imports."
Senegal's banking system is governed by the BCEAO, common to eight WAEMU member states which use the CFA franc as currency. The French Treasury guarantees conversion to the Euro, with member countries required to keep at least 50 percent of foreign exchange reserves in the French Treasury. Travelers may exchange foreign currency without limit at commercial banks, though departing travelers may obtain a maximum of 6 million CFA francs in foreign currencies upon presenting a valid airline ticket (1).
Source:
https://www.trade.gov/country-commercial-guides/senegal-trade-financing
https://wts.com/global/publishing-article/20250407-senegal-exchange-control-insights~publishing-article
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
