Banque Centrale des Etats de L’Afrique de L’Ouest or the Central Bank of West African States is the common central bank of the eight member countries that together constitute the West African Monetary Union. The bank is a public institution with its headquarters located in Dakar, Senegal.

As the Central Bank of the member states, the bank is responsible for maintaining strong monetary condition in the member states including Benin. The bank is responsible for

Controlling and pooling the foreign exchange reserves
Managing the monetary policy of the member states
Keeping and maintaining the accounts of the member states treasury

Banque Centrale des Etats de L’Afrique de L’Ouest as the central bank of the West African States has certain objectives in mind. These are:

Issuing the currency throughout the West African states including Benin. It issues the monetary signs, banknotes and coins which are the legal tender.

It is also responsible for the formulation and implementation of the monetary policy of the member states. The objective of the monetary policy is:

Adjusting global liquidity in the economy
Promoting the overall economic growth of the economy

Organization and supervision of the activities of banks and other financial institutions in the member states

Perform several other functions as may be expected from a central bank

The Central Bank provides assistance to the Governments of the states of the Union at their request.

A Governor, a Board of Directors and National Credit Committees govern the Central Bank. The Governor is appointed by the Council of Ministers and the Board of Directors, which he heads. Two Deputy Governors assist the Governor in his day-to-day functioning.

The Address and Contact details of the bank is as follows:


Benin
Address:	avenue Abdoulaye FADIGA - Dakar Sénégal BP 3108 Dakar SÉNÉGAL
Phone No.:	++221-839 05 00
Fax:	++221-823 93 35