The Benin Franc is the official currency of the West African country of Benin. It is also sometimes referred to as the CFA Franc BCEAO, as it is part of the West African Economic and Monetary Union. The currency is pegged to the Euro and is used in several other countries in the region, including Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. When referring to the Benin Franc, other synonyms that may be used include the West African Franc or the Franc CFA. Regardless of the name, the currency plays an important role in the economy of Benin and its neighboring countries.