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.

After a politically turbulent start to 2024, the election of a new President, Bassirou Diomaye FAYE, suggests a certain stability in the short term.

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%-80% but the percentage can be limited by the bank depending on the quality of the purchasing customer. It can this be 50%, or even 30%

The best billing currency for trade remains the Euro.