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This paper deals with the impact of real exchange rate misalignments on the performance of the manufacturing sector in Senegal from 1980 to 2015. We calculate the real exchange rate misalignments in Senegal relative to its long-term equilibrium level defined using the BEER approach (Behavioral Equilibrium Exchange Rate). We then estimate equations that explain the changes in manufacturing production by using the indicators of manufacturing value added per capita or per sector employee as left-hand variables. We use recent econometric methods such as that in Pesaran, Shin, and Smith (2001) applied to the autoregressive distributed lag model (PSS-ARDL). Our results show that less undervaluation or more overvaluation have a negative impact on performance, and that this impact seems to be linear. JEL Codes: F31, L60, N17, O14.