The West African Economic and Monetary Union (WAEMU) was created by the Treaty signed in Dakar on 10th January 1994 by the heads of State and Government of the seven West African countries sharing a common currency – the African Financial Community Franc (FCFA).

They are Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo.

The Treaty entered into force on 1st August 1994, after ratification by the Member States.

2nd May 1997, Guinea-Bissau became the 8th Member State of the Union.