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:
“We live in a highly industrialized society and every member of the Black nation must be as academically and technologically developed as possible. To wage a revolution, we need competent teachers, doctors, nurses, electronics experts, chemists, biologists, physicists, political scientists, and so on and so forth. Black women sitting at home reading bedtime stories to their children are just not going to make it.”
—Frances Beale, African American feminist and civil rights activist. The Black Woman, ch. 14 (1970)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“The union of hands and hearts.”
—Jeremy Taylor (1613–1667)