Benin republic new currency

The Benin Republic, officially known as the Republic of Benin, has a new currency called the "Euro" (€). The Euro is the official currency of the Benin Republic and is used as the medium of exchange for all transactions.

Prior to the adoption of the Euro, the Benin Republic used the CFA Franc (XOF) as its official currency. The CFA Franc was pegged to the French Franc and was used as the official currency of several West African countries, including Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, and Senegal.

In 2002, the Benin Republic, along with several other West African countries, adopted the Euro as its official currency. The decision to adopt the Euro was made to strengthen economic ties with the European Union and to simplify international trade.

The Euro is used in all transactions in the Benin Republic, including cash transactions, electronic payments, and international trade. The Benin Republic has also adopted the Euro as its official currency for international transactions, including foreign exchange transactions and international trade.

It's worth noting that while the Euro is the official currency of the Benin Republic, the CFA Franc is still widely used in the country, particularly in informal transactions and in rural areas.