The official currency of Benin is the West African CFA Franc. Benin shares this currency with many of its neighbours: Guinea Bissau, Ivory Coast, Senegal, Togo, Mali, Niger, and Burkina Faso. This can of course be very handy if you're travelling through several of these countries on the same trip. The CFA Franc began in 1945 when much of West Africa was under French colonization, and most countries kept the currency, even after independence. The abbreviation of CFA stands for Communauté Financière Africaine. Colloquially, it is just called the “franc”.
Cash is king in Benin, so you will want to be sure to have the local currency on hand, as few businesses will accept cards. There are ATMs that will accept foreign cards throughout the country, but if you are travelling to more remote areas it would be a good idea to stock up on cash beforehand, just in case. You can also exchange USD and Euros at banks and money exchange locations in Cotonou and other cities.
Denominations
West African CFA Francs come in banknotes of 500, 1,000, 2,000, 5,000, and 10,000, and coin denominations of 1, 5, 10, 25, 50, 100, 200, 250, and 500. The 250 coins are no longer in circulation, though they are still technically considered legal tender. If you are lucky enough to get one as change, you might want to keep it as a souvenir, as they are quite rare.
