The West African CFA franc serves as Senegal's official currency, shared with seven other members of the West African Economic and Monetary Union. The currency code is XOF, and the franc divides into 100 centimes, though coins smaller than 25 francs see little practical use. The CFA franc maintains a fixed peg to the euro at 655.957 francs per euro, guaranteed by the French Treasury. This peg has remained constant since the euro's introduction in 1999, replacing the previous peg to the French franc at a rate that preserved the same underlying value. The Banque Centrale des États de l'Afrique de l'Ouest, headquartered in Dakar, issues currency for all member states. Notes exist in denominations of 500, 1000, 2000, 5000, and 10,000 francs. Coins circulate as 1, 5, 10, 25, 50, 100, 200, and 500 francs, though coins above 200 francs are rare. The 10,000 franc note represents the highest denomination, worth approximately 15 euros. All CFA franc banknotes issued across West African Economic and Monetary Union countries hold equal legal tender status throughout the zone.
Automatic teller machines operate throughout Dakar, with highest concentration along Avenue Léopold Sédar Senghor, around Place de l'Indépendance, and in Almadies district. Major banks include Banque de l'Habitat du Sénégal, Société Générale Sénégal, Ecobank Sénégal, Banque Atlantique, and Coris Bank. Most machines accept Visa and Mastercard networks, with withdrawal limits typically set at 200,000 to 300,000 francs per transaction and 400,000 to 500,000 francs daily. Cash withdrawal fees range from 2,000 to 5,000 francs per transaction depending on bank and card network. Outside Dakar, automatic teller machines exist in Saint-Louis, Thiès, Kaolack, Ziguinchor, Mbour, and Touba, though density drops significantly beyond regional capitals. Smaller cities like Tambacounda, Kolda, Louga, and Richard Toll have limited machine availability, often concentrated at single bank branches. Power outages and network connectivity issues cause intermittent machine downtime, particularly outside major urban centers. Many machines empty during weekends or holidays in smaller cities, making Thursday and Friday the most reliable days for cash access in secondary locations.
Credit card acceptance remains limited outside international hotel chains, upscale restaurants in Dakar's Almadies and Plateau districts, and major car rental agencies. Visa holds wider acceptance than Mastercard or American Express. The Radisson Blu, Pullman Dakar Teranga, and similar international properties process cards reliably. Smaller hotels, mid-range restaurants, and most local businesses operate on cash-only basis. Transaction fees for foreign-issued cards typically add 2 to 3 percent, charged by issuing banks rather than Senegalese merchants. Card skimming incidents have been reported at some automatic teller machines, particularly standalone units outside bank branches. Using machines located inside bank vestibules during business hours reduces this risk. Chip-and-PIN technology is standard, but signature-based authorization still occurs at some merchants, requiring verification of signature against card back.
Mobile money platforms dominate daily transactions across economic strata. Orange Money, launched in 2008, operates as the largest platform with over 8 million registered users as of 2023. Wave, a Senegalese fintech company founded in 2018, reached 7 million users by 2023 and processes more transactions by volume than all banks combined. Free Money from Free Senegal and E-Money from Tigo round out major platforms. These services allow cash deposits and withdrawals at thousands of agent locations—small shops displaying platform logos. Users transfer money by mobile phone, pay bills, and increasingly make merchant payments by scanning QR codes. Transaction costs vary by platform and operation. Wave charges zero fees for person-to-person transfers and 1 percent for cash-outs. Orange Money charges 1.5 to 2 percent for transfers depending on amount and 1 to 1.5 percent for withdrawals. A transfer of 10,000 francs costs 150 francs on Orange Money, zero on Wave. Cash deposit fees range from 0.5 to 1.5 percent. Maximum single transaction limits sit at 1,500,000 francs on Wave and 2,000,000 francs on Orange Money. Daily limits reach 3,000,000 francs on Wave. Account registration requires a national identity card or passport and a local mobile phone number. Some services allow tourist registration with passport and temporary SIM card, though requirements change frequently.
Currency exchange operates through banks and dedicated exchange bureaus. Banks in Dakar—including branches of CBAO, BICIS, and UBA—exchange major currencies at rates typically 1 to 2 percent below interbank rates. Exchange bureaus cluster around Place de l'Indépendance and along Avenue Pompidou. These bureaus often offer rates matching or slightly exceeding bank rates with faster service. Rates for euros receive best treatment given the CFA franc's direct peg. United States dollars, British pounds, and Swiss francs exchange at wider spreads of 2 to 4 percent from mid-market rates. Banks require identification for exchanges above 100,000 francs. Exchange services at Blaise Diagne International Airport operate 24 hours but deliver rates approximately 5 percent below city center banks. No currency black market exists due to the stable euro peg and convertibility guarantee. Hotels exchange currency at rates 5 to 10 percent below bank rates and should be avoided for significant amounts. Some banks require account holders or hotel guest status to exchange currency, particularly outside Dakar.
Western Union and MoneyGram operate through hundreds of agent locations, primarily at Sonatel phone centers, post offices, and independent money transfer shops. A transfer of 100,000 francs from the United States incurs fees of approximately 5,000 to 8,000 francs depending on funding source and speed. Recipients show valid identification to collect cash. These services maintain better coverage in rural areas than banks or automatic teller machines. Transfer companies provide online tracking and typically make funds available within minutes to hours. Ria Money Transfer maintains smaller presence through selected bank branches. Some shops post "money transfer" signs but operate as intermediaries, adding markup to standard fees. Direct access to Western Union or MoneyGram agents eliminates these intermediary costs.
Cost of living varies significantly between Dakar and interior regions. A basic meal at a local restaurant in Dakar—thieboudienne with drink—costs 1,500 to 2,500 francs. The same meal in Touba or Kaolack runs 800 to 1,500 francs. Mid-range restaurant dining in Almadies or Plateau districts costs 5,000 to 12,000 francs per person. A baguette sandwich from a street vendor costs 500 to 1,000 francs. Bottled water sells for 300 to 500 francs for 1.5 liters at shops, 500 to 800 francs at restaurants. A can of Gazelle beer costs 700 to 1,000 francs at shops, 1,500 to 2,500 francs at bars. Shared taxi rides within Dakar cost 150 to 300 francs per person. Car rapide buses charge 100 to 150 francs for standard routes. Private taxi fares require negotiation, with trips from Plateau to Almadies running 3,000 to 5,000 francs, double after 22:00. Ride-hailing services Yango and Heetch operate in Dakar with transparent pricing, typically charging 2,500 to 4,000 francs for equivalent routes. Hotel costs in Dakar range from 15,000 to 30,000 francs for basic guesthouses in Médina or Grand Dakar, 40,000 to 80,000 francs for mid-range hotels, and 100,000 francs upward for international chains. Prices drop 30 to 50 percent in cities like Saint-Louis, Mbour, and Ziguinchor for equivalent quality levels.