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In most cases, you probably want formerly known as, referring to an old name that is no longer used. For example, "Benin, formerly known as Dahomey, is a country in West Africa."

In the alternative, formally known as refers to a fancy name that is usually abbreviated in ordinary use. For example, "The UK, formally known as the United Kingdom of Great Britain and Northern Ireland, is a country in Europe."

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Q: Is it formally known as or formerly known as?
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