General Information

Senegal is a member of the West African Economic and Monetary Union (UEMOA) and the Franc Zone. Senegal shares a common currency (the CFA or XOF Franc), a central Bank, (the Central Bank of West African States, BCEAO), and a monetary policy with the other member states. The CFA franc is linked to the Euro at a fixed parity guaranteed by the French treasury.

Foreign exchange controls: the transfer of funds abroad must be authorised by the BCEAO following the presentation of justifications and must be transferred via an approved intermediary.

Political stability is supporting GDP growth momentum. Trade in the subregion strengthened in Q1/2022 with a recovery in economic activity in the WAEMU and GDP growth of 5.7%.
 

Means of Payment & Banking Specificities

To secure your payment we recommend that the exporter use a documentary credit confirmed.

Foreign exchange controls in the UEMOA zone, and therefore in Senegal, prohibit 100% payment in advance, except for in the case of exceptional circumstances.

Deposit payments can be made up to a maximum of 70% but the percentage is set by the bank depending on the client. It can this be 50%, or even 30%

The best billing currency for trade remains the Euro.