African Monetary Union
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.
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.