West Africa Currency Guide
Currency of West Africa: the short answer
West Africa uses nine different currencies across sixteen countries. Eight of those countries share one: the West African CFA franc (XOF), fixed to the euro at 655.957 and issued by the Central Bank of West African States. The other eight countries each run their own.
The largest economy in the region, Nigeria, is not part of the CFA zone — it uses the naira, which floats and has depreciated sharply in recent years. Ghana, Guinea, Sierra Leone, Liberia, The Gambia, Cabo Verde and Mauritania likewise issue their own money.
A single West African currency, the eco, has been promised by ECOWAS for years. Its launch date has been pushed back repeatedly and no eco has ever circulated.
West Africa Currency Comparison
| Country | Currency | Code | Symbol | Per 1 USD | Converters |
|---|---|---|---|---|---|
| 🇧🇯 Benin | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇧🇫 Burkina Faso | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇨🇻 Cabo Verde | Escudo | CVE | Esc | 101.44 | USD · EUR · GBP |
| 🇬🇲 Gambia | Dalasi | GMD | D | 72 | USD · EUR · GBP |
| 🇬🇭 Ghana | Cedi | GHS | GH₵ | 11.61 | USD · EUR · GBP |
| 🇬🇳 Guinea | Guinean Franc | GNF | FG | 8,650 | USD · EUR · GBP |
| 🇬🇼 Guinea-Bissau | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇨🇮 Ivory Coast | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇱🇷 Liberia | Liberian Dollar | LRD | L$ | 190 | USD · EUR · GBP |
| 🇲🇱 Mali | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇲🇷 Mauritania | Ouguiya | MRU | UM | 39.70 | USD · EUR · GBP |
| 🇳🇪 Niger | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇳🇬 Nigeria | Naira | NGN | ₦ | 1,364.79 | USD · EUR · GBP |
| 🇸🇳 Senegal | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
| 🇸🇱 Sierra Leone | Leone | SLE | Le | 22.70 | USD · EUR · GBP |
| 🇹🇬 Togo | CFA Franc BCEAO | XOF | CFA | 603.48 | USD · EUR · GBP |
The three groups of West African money
The CFA franc zone — 8 countries
Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo all use the West African CFA franc. Because it is fixed to the euro, it has run far lower inflation than its neighbours — the main argument its defenders make. Critics say the peg keeps it overvalued for commodity exporters and ties policy to European conditions. Full XOF guide →
The floaters — Nigeria, Ghana, Guinea, Sierra Leone, Liberia, Gambia
These six manage their own currencies with market-determined or managed rates. Several have redenominated after long inflationary periods: Ghana dropped four zeros in 2007, Sierra Leone dropped three in 2022 to create the new leone (SLE). Liberia is unusual in that US dollars circulate widely alongside the Liberian dollar.
The euro-linked outliers — Cabo Verde and Mauritania
Cabo Verde’s escudo is pegged to the euro at 110.265, reflecting its trade and remittance ties to Portugal. Mauritania sits between West and North Africa — it left ECOWAS in 2000 and belongs to the Arab Maghreb Union, but is grouped here geographically. Its ouguiya is one of only two non-decimal currencies in the world, dividing into five khoums.
Why the eco has never launched
ECOWAS agreed in principle to a shared currency decades ago, and in 2019 announced the eco with a target launch date that has since slipped several times. Two obstacles have proved persistent. First, members have not met the convergence criteria on inflation, budget deficits and reserves that the plan requires. Second, there is unresolved disagreement over whether the eco would keep a fixed link to the euro — effectively extending the CFA arrangement — or float freely, which the non-CFA members including Nigeria have pushed for.
Until that is settled, West Africa keeps nine currencies. More on the eco and Africa’s currency unions →
Frequently Asked Questions
What currency is used in West Africa?
There is no single West African currency. Sixteen countries use nine currencies between them. Eight share the West African CFA franc (XOF); Nigeria uses the naira, Ghana the cedi, Guinea the franc, Sierra Leone the leone, Liberia the dollar, The Gambia the dalasi, Cabo Verde the escudo and Mauritania the ouguiya.
Which West African countries use the CFA franc?
Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo — eight countries, all using the West African CFA franc (XOF) at a fixed rate of 655.957 to the euro.
Does Nigeria use the CFA franc?
No. Nigeria uses the naira (NGN), which floats and is managed by the Central Bank of Nigeria. Nigeria is the largest economy in West Africa and has never been part of the CFA franc zone.
What is the eco currency?
The eco is a proposed single currency for ECOWAS member states. It has been under discussion for decades and its launch has been repeatedly postponed; as of 2026 no eco has ever circulated.
Is the West African CFA franc the same as the Central African one?
No. They hold the same fixed rate against the euro but are separate currencies issued by different central banks, and cannot be spent in each other's zone.