User:InflatableSupertrooper/Currencies Africa

Currency unions
There are two African currency unions associated with multinational central banks:
 * Economic and Monetary Community of Central Africa (Communauté Économique et Monétaire de l'Afrique Centrale or CEMAC) has six member countries with a combined population of just under 47 million. It is associated with the Central Bank of West African States (Banque des Etats de l'Afrique Centrale or BEAC) based in Yaoundé.
 * West African Economic and Monetary Union (Union Économique et Monétaire Ouest-Africaine or UEMOA) has eight member countries with a combined population of about 108 million. It is associated with the Central Bank of West African States (Banque Centrale des États de l'Afrique de l'Ouest or BCEAO) based in Dakar.

Members of both currency unions use separate versions of the CFA Franc as their legal tender. Although separate in theory, the two CFA franc currencies are effectively interchangeable. They are both pegged to the euro and guaranteed by the French treasury.