African Monetary Union

The African Monetary Union is a proposed economic and monetary union for the countries of the African Union, envisioned as being administered by an African Central Bank and issuing a single currency, sometimes referred to as the afro or afriq, built up from the currencies of the continent's existing regional blocs such as the Arab Maghreb Union, the Southern African Development Community, the Economic Community of West African States, the East African Community and the Common Market for Eastern and Southern Africa. The plan traces back to the Abuja Treaty, signed on June 3, 1991, in Abuja, Nigeria, which created the African Economic Community and called for an African Central Bank, with later plans targeting the bank's establishment by 2028 and, as of a 2019 update, a single currency for the African Economic Community by 2023, a target that had not been met by the time of that update.