This article aims to analyze the nature of the misalignment of the exchange rate by comparing its amplitude according to the two exchange rate regimes. To do this, the behavioral equilibrium exchange rate model (BEER) is used and with the help of the PMG estimator of the ARDL model on a panel of 36 countries in Sub-Saharan Africa (SSA) and on the period 1998-2018. The analyzes show that the real effective exchange rates (REER) of SSA countries that have adopted a fixed exchange rate regime are globally misaligned and that there are significant disparities between countries. These results clearly show that the management of the exchange rate seems not to be mastered or that it is not in favor of an export promotion policy. As for the countries that have adopted the flexible exchange rate regime, they tend to have a less misaligned REER. However, some countries such as the Comoros Islands, Guinea, Gambia and Kenya have experienced significant deviations of their REER from its long-term equilibrium. Such a counter-intuitive result shows that these countries seem in fact to practice an exchange rate regime contrary to those officially declared and/or that they are unable to use their automatic stabilizer weapon. As a result, it is imperative for SSA countries to adopt good exchange rate management by opting for consecutive undervaluations in order to promote the growth of the export sector and industrial development.