Togo - Money

Togo is part of the 8-member Union Economique et Monetaire Ouest-Africaine (UEMOA) and uses the CFA franc. The BCEAO issues currency notes and regulates credit expansion throughout the region. The CFA franc was pegged to the French franc at a 50:1 exchange rate from 1948, but was overvalued in the late 1980s; the 1994 devaluation dropped the value to a 100:1 exchange rate. With France having joined the European Monetary Union, the CFA franc is now valued at CFA Fr 655.959 to 1 euro.