BENIN

CURRENCY:

CFA (Communauté Financière Africaine) Franc (XOF)

DENOMINATIONS:

NOTE: XOF10,000, 5,000, 2,000 and 1,000

COIN: XOF500, 200, 100, 50, 25, 10, 5 and 1

Please note that Benin is part of the French Monetary Area. The CFA is tied to the Euro. Note also there are two main differences regarding currency: the Bank of West African States (Banque des Etats de l’Afrique de l’Ouest ) is the only bank to use for valid currency. Do not go to the Bank of Central African States (Banque des Etats de l’Afrique Centrale) for currency as it is NOT VALID.

US DOLLAR ACCEPTED:

Yes, widely

CREDIT/DEBIT CARDS AND ATMS:

Most major credit cards are accepted, but use of credit card use in Benin is limited. It is recommended to organise sufficient currency before travel.

CURRENCY EXCHANGE:

Currency can be exchanged at banks and in major hotels.

TRAVELLER'S CHEQUES:

These are best in Euros or sterling, but again it is worth having sufficient cash in Benin.

BANKING HOURS:

Mon-Fri 0800-1100 and 1500-1700. Some banks may open on Saturday.

CURRENCY RESTRICTIONS:

There are limitations on export of foreign currency from Benin; import of local and foreign currency is unlimited but must be declared upon arrival.

COUNTRY OVERVIEW:

Benin is officially known as the Republic of Benin, and is a country situated in West Africa. The capital is called Porto Novo and the official language is French - Benin gained independence from France in 1960.

POPULATION:

Around 8,500,000

ECONOMY:

The economy of Benin is based mainly on agriculture, local trade and cotton. The country will try to increase interest from foreign investors including trying to increase tourism - as it stands, Benin is not a developed country where its economy is concerned. This despite a debt reduction after the G8 summit in 2005. There are ongoing problems with work conditions here, including forced labour, child labour, poor equality where women's wages are concerned and other issues.