Historical Sketch

The Fon kingdom of Dahomey emerged in the 17th century. It gradually lost influence against the European colonial powers until it got militarily defeated by the French in 1894. The Colony of Dahomey was integrated into French West Africa. The French constitutional reform of 1946 made it into an overseas territory, which was given some internal autonomy in 1958. In 1960, after the failure of the French Union, the Republic of Dahomey attained independence. After a military coup the country's name was changed into People's Republic of Benin in 1975, later Republic of Benin after the 1991 political change.

Monetary History Overview

In pre-colonial times, various commodities were used for payment in trade, such as metal ingots and cowrie snails. In the coastal regions, the Maria Theresa thaler flew in through foreign trade. With the colonization, Dahomey got integrated into the French West African monetary area. Since independence in 1960, Benin (Dahomey) is a member of the West African Monetary Union and uses the West African CFA Franc instead of a national currency.

Benin (Dahomey) joined the International Monetary Fund (IMF) on 10.07.1963.

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Monetary History Sources