African Monetary Union

Politics of the African Union
Institutions Casablanca Group Union of African States Organisation of African Unity African Economic Community African Unification Front
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Financial bodies AEC Pillars (Abuja Treaty) CEN-SAD COMESA EAC ECCAS/CEEAC CEMAC ECOWAS/CEDEAO UEMOA WAMZ IGAD SADC SACU AMU/UMA African Central Bank African Monetary Union African Investment Bank New Partnership for Africa's Development African Peer Review Mechanism New Partnership for Africa's Development E-School Program
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Related topics Enlargement Foreign relations TerrAfrica partnership
Other countries
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The African Monetary Union (AMU) 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 or afriq.^[1] The single African currency is to be composed of currency units made up of regional union reserve bank currency units of which are made up country specific currencies (The Arab Maghreb Union (AMU) - Northern Afriq, Southern African Development Community (SADC) - Southern Afriq, Economic Community of West African States (ECOWAS) - Western Afriq or ECO, East African Community (EAC) - Eastern Afriq, Common Market for Eastern and Southern Africa (COMESA) - Central Afriq etc.).

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. As of 2019^[update], the plan is to establish an African Economic Community with a single currency by 2023.^[2][3]