The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro.
The Abuja Treaty, an international agreement signed on June 3, 1991 in Abuja, Nigeria, created the African Economic Community, and called for an African Central Bank to follow by 2028. The current plan is to establish an African Economic Community with a single currency by 2023.
Read more about African Monetary Union: Regional Currency Unions, AFRO Prototype Art Project, Membership, African Central Bank, Signatories
Famous quotes containing the words african, monetary and/or union:
“... the Black woman in America can justly be described as a “slave of a slave.””
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—Frances E. Willard 1839–1898, U.S. president of the Women’s Christian Temperance Union 1879-1891, author, activist. The Woman’s Magazine, pp. 137-40 (January 1887)