Forex trading in Togo operates under the regulatory framework of the West African Economic and Monetary Union, with oversight provided by the Central Bank of West African States. The fundamental missions of the Central Bank include defining and implementing monetary policy within WAMU, ensuring stability of the banking and financial system, promoting proper functioning of payment systems, implementing exchange rate policy, and managing official foreign exchange reserves (1). Togo uses the West African CFA franc as its currency, which is pegged to the Euro.
The West African Economic and Monetary Union introduced new foreign exchange regulations in December 2024, replacing the previous 2010 regulation and giving the BCEAO tighter control of financial flows as part of counter money laundering and terrorism financing efforts. The new rules enshrine the principle of freedom for direct and portfolio investments while requiring transactions to be reported and domiciled in locally approved intermediaries (2). Investments must be declared to the Ministry of Finance and to the BCEAO within thirty days, with transactions domiciled in local banks except for those under thresholds set by the central bank.
"Adopted on 20 December 2024, the regulation on foreign exchange replaces the previous 2010 regulation. It enshrines the principle of freedom for direct and portfolio investments, while requiring transactions to be reported and domiciled in a locally approved intermediary."
WAEMU residents require prior approval from the Ministry of Finance after confirmation by the BCEAO to open foreign currency accounts either within or outside the region. The reform strengthens repatriation and foreign currency transfer requirements, mandating that residents must repatriate income from foreign investments and loans and deposit it in local bank accounts (2). Each member state will establish national monitoring committees responsible for supervising fund repatriation and ensuring compliance with domiciliation requirements for export earnings.
Source:
https://www.bceao.int/en/content/missions-bceao
https://www.gide.com/en/news-insights/nouvelle-reglementation-des-changes-en-zone-uemoa-une-reforme-discrete-qui-renforce-le-controle-de-la-bceao-et-accentue-les-complexites-administratives-dans-la-region/
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
