West African Monetary Union
West African Monetary Union : WAMU (French: Union Monetaire Quest Africaine, UMOA) began operation in 1963 and was revised in 1973. The Union comprises seven French-speaking African countries: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, and Togo which share a: (a) central bank (Banque Centrale des Etats de l'Afrique de l'Ouest) which coordinates the Union's monetary and credit policies; (b) common currency (CFA Franc) which is freely convertible into the French Franc at a fixed parity; and (c) a common regional development bank, the West African Development Bank. WAMU headquarters are in Daka, Senegal
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