Foreign exchange regulation

Several legal and regulatory texts govern foreign exchange activities in the West African Economic and Monetary Union (UEMOA), primarily Regulation No. 09/2010/CM/UEMOA of October 1, 2010, concerning the External Financial Relations of the member states of the West African Economic and Monetary Union (UEMOA).

These texts cover, in particular:

• currency intermediation and transfer operations;
• current payments with foreign countries;
• capital operations.

Article 1 of the aforementioned Regulation defines a manual foreign exchange dealer as any natural or legal person established in the territory of a member state of UEMOA who has received approval from the Minister in charge of Finance for the execution of manual foreign exchange operations, after obtaining the prior consent of the BCEAO (Central Bank of West African States).

This Regulation stipulates that investment, borrowing, and placement operations, and generally all capital movements between UEMOA member states are free and unrestricted, in accordance with Article 76 (paragraphs 96 and 97) of the amended UEMOA Treaty and Article 3 of the UMOA Treaty. However, operations directed to foreign countries (other than UEMOA) must be subject to a request for foreign exchange authorization, submitted to the Minister in charge of Finance. Each authorization request must be accompanied by supporting documents attesting to the nature and reality of the operation.